- A new Goods and Services Tax (GST) rate, recommended by the GST Council, will be effective from September 22, 2025. This change simplifies the tax structure and makes it easier for businesses and consumers.
- The time of supply rules under Section 14 of the CGST Act will determine which GST rate applies to a transaction that straddles the rate change date.
- GST registration rules and threshold limits will remain unchanged. Existing e-way bills will also remain valid, and businesses can still claim full Input Tax Credit (ITC) on purchases made before the rate change.
- New rates will apply to all goods and services supplied on or after September 22, 2025, regardless of when the stock was purchased. Similarly, any advances received on or after this date will be subject to the new rate.
Source: a2ztaxcorp.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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