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Notification No 17/2024 Applicability of Sections of Finance (No.2) Act 2024

Notification No 17/2024

Summary of the Notification No 17/2024

Notification No 17/2024 specifies the applicability of the sections that are either newly inserted or amended as proposed in Finance (No.2) Act 2024. The Government has specified the dates on which the provisions of these sections,proposed in Finance (No.2) Act 2024, will come in to effect.

Section of Finance (No. 2) Act,2024ParticularsEffective From
Section 114 & 151Section 9 of CGST Act and Section 5 of IGST Act and section 7 of UTGST Act changed.

Certain Alcohol Used in Manufacturing Alcoholic Liquor is being exempt from levy of GST.

01-11-2024
Section 115Section 10 of CGST Act changed.

Reference of Newly inserted section 74A in Composition levy.

01-11-2024
Section 116 & 152Insertion of New section 11A

Government’s authority to address Common Tax Practices and forgive unpaid taxes.

01-11-2024
Section 117 & 122

Section 13 & Section 31 of CGST Act changed.

Proposed changes to Invoice issuance in case of RCM & Time of Supply.

01-11-2024
Section 118Section 16 of CGST Act changed.

Extension for claiming ITC for past financial years and for revocked registration is being inserted.

27-09-2024
Section 119Section 17 of CGST Act changed.

The scope of blocked credit is being restricted.

01-11-2024
Section 120Section 21 of CGST Act changed.

Reference of Newly inserted section 74A for Input service Distributor.

01-11-2024
Section 121Section 30 of CGST Act changed.

Proposed Conditions and restrictions on Revocation of Registration cancellation.

01-11-2024
Section 123Section 35 of CGST Act changed.

Reference of Newly inserted section 74A in Accounts and other records.

01-11-2024
Section 124Section 39 of CGST Act changed.

Mandatory Electronic Filling of Monthly Returns for TDS under section 51. 

01-11-2024
Section 125Section 49 of CGST Act changed.

Reference of Newly inserted section 74A in Payment of Tax interest penalty and other amount. 

01-11-2024
Section 126Section 50 of CGST Act changed.

Reference of Newly inserted section 74A in Interest on delayed payment 

01-11-2024
Section 127Section 51 of CGST Act changed.

Reference of Newly inserted section 74A in TDS.

01-11-2024
Section 128Section 54  of CGST Act changed.

Proposed amendment to standardising refund restrictions for exported goods subject to Export duty

01-11-2024
Section 129Section 61 of CGST Act changed.

Reference of Newly inserted section 74A in Scrutiny of Returns 

01-11-2024
Section 130Section 62 of CGST Act changed.

Reference of Newly inserted section 74A in Assessment of non-filers of returns

01-11-2024
Section 131Section 63 of CGST Act changed.

Reference of Newly inserted section 74A in Assessment of unregistered person

01-11-2024
Section 132Section 64 of CGST Act changed.

Reference of Newly inserted section 74A in Summary of assessment in certain special cases 

01-11-2024
Section 133Section 65 of CGST Act changed.

Reference of Newly inserted section 74A in Audit by tax authorities 

01-11-2024
Section 134Section 66 of CGST Act changed.

Reference of Newly inserted section 74A in Special audit 

01-11-2024
Section 135Section 70 of CGST Act changed.

Proposed amendment to clarifying authorized representative appearance in compliance with summons.

01-11-2024
Section 136Section 73 of CGST Act changed.

The applicability of section 73 is being restricted to the period up to 2023-24. 

01-11-2024
Section 137Section 74 of CGST Act changed.

The applicability of section 74 is being restricted to the period up to 2023-24. 

01-11-2024
Section 138Insertion of New section 74A

Introduction of section 74A for Tax determination and Penalty provisions from FY 2024-25 

01-11-2024
Section 139Section 75 of CGST Act changed.

Proposed addition of section 75(2A) for redetermination of penalty under specific conditions.

Refrence of Newly inserted section 74A in General provisions relating to determination of Tax. 

01-11-2024
Section 140Section 104 of CGST Act changed.

Refrence of Newly inserted section 74A in Advance ruling to be void in certain circumstances 

01-11-2024
Section 141Section 107 of CGST Act changed.

Proposed amendments in appeals Timeframes, Review processes and Pre-deposit Requirements

Refrence of Newly inserted section 74A in Appeals to appellate authority 

01-11-2024
Section 142Section 109 of CGST Act changed.

Proposed Role of the Principal Bench of GSTAT in Anti-Profiteering cases. 

27-09-2024
Section 143 & 154Section 112 of CGST & Section 20 of IGST Act changed.

Proposed amendments in appeals Timeframes, Review processes and Pre-deposit Requirements. 

01-11-2024
Section 144Section 122 of CGST Act changed.

Proposed amendment in Penalty Provisions for E-Commerce Operators. 

01-11-2024
Section 145Section 127 of CGST Act changed.

Refrence of Newly inserted section 74A in Power to impose penalty in certain cases 

01-11-2024
Section 146Insertion of new section 128A.

Proposed new section 128A for Conditional waiver of Interest and Penalty. 

01-11-2024
Section 147Section 140 of CGST Act changed.

Proposed amendment in availment of Transitional Credit for Input Service Distributor. 

01-11-2024
Section 148Section 171 of CGST Act changed.

Proposed amendment in Anti-Profiteering Provision in section 171. 

27-09-2024
Section 149Amendment of Schedule III.

Proposed amendment to schedule III for Treatment of Co Insurance and Reinsurance Premiums. 

01-11-2024
Section 150Section 150 of CGST Act changed.

No Refund of Tax paid or Input tax credit reversed prior to section 114. 

27-09-2024
Section 153

Section 16 of IGST Act changed.

Restriction is being imposed on refund of zero rated supply subject to export duty. 

01-11-2024
Section 156 & 157

Insertion of new section 8A in UTGST Act and GST Compensation to states Act.

Proposed section 8A in GST Compensation to states act,2017 for not to recover cess. 

01-11-2024

 

Note:  All the above sections of the Finance Act, 2024 have already been discussed in our old presentation named GST Budget 2024 as per clauses of the Finance Bill. 

Download – Notification No 17/2024

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