Following key recommendations have been made in the 54th GST Council meeting:
- Import of services by an establishment of a foreign airline company from a related person or any of its establishment outside India, when made without consideration, to be exempted. Further, past period to be regularised on ‘as is where is’ basis.
- Renting of commercial property by an unregistered person to a registered person to be brought under Reverse Charge Mechanism (RCM).
- Ancillary/intermediate services provided by Goods Transport Agency (‘GTA’) in the course of transportation of goods to constitute a composite supply.
- Rules and forms to be inserted for providing the procedure and conditions for availment of amnesty scheme announced recently. Further, March 31, 2025, to be date before which the payment of tax to be made, to avail said benefits.
- Special procedure to be notified for rectification of Orders, which are to be followed by the taxpayers against whom demand has been confirmed for wrong availment of ITC on account of contravention of time period of availment of ITC as per Section 16(4), but where such ITC is now available as per new timelines as provided under subsection (5) and (6) of the Section 16 of the CGST Act.
- E-invoicing to be rolled out for B2C transactions. The pilot to be rolled out on voluntary basis in selected sectors and States.
- Changes to be made in the rates of few goods and services.
Press release dated September 09, 2024
Pushkar Mer 