- Significant changes to Indian GST system effective November 1, 2024
- Changes focus on simplifying tax compliance, increasing transparency, and providing relief to taxpayers
- Waiving uncharged or undercharged GST to correct past mistakes without penalties
- Relief on interest and penalties for tax demands from 2017-18 to 2019-20 if full tax amount paid by March 31, 2025
- Introduction of Form GST DRC-03A for easier compliance
- Changes to Reverse Charge Mechanism (RCM) including 30-day limit for self-invoices and ITC restrictions
- New restriction on ITC refunds for zero-rated supplies subject to export duty
- New forms SPL-01 and SPL-02 for penalty waivers starting January 2025
- Stricter deadlines for e-invoicing starting April 2025
- Anti-profiteering cases now handled by GSTAT for faster resolutions.
Source: rmpsco.com
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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