Notification No. 16/2024 – CT: Finance Act (No.1) 2024

Answer:
Notification No. 16/2024 – Central Tax brings into effect Sections 11 to 13 of the Finance Act (No.1) 2024, introducing key amendments to the GST framework. This notification ensures that the legislative changes made under the Finance Act are formally implemented under the Central Goods and Services Tax (CGST) Act.
📌 Need professional GST guidance? Consult an expert at Finodha.

Answer:
Sections 11 to 13 introduce crucial amendments in GST provisions, affecting:
✔️ Taxability and exemptions for certain goods and services.
✔️ Procedural modifications in GST return filing.
✔️ Compliance requirements for businesses under CGST.
✔️ Input tax credit (ITC) adjustments and related provisions.
📌 Stay compliant with expert GST services.

Answer:
This notification impacts:
✔️ All GST-registered businesses, as it alters specific tax obligations.
✔️ Tax professionals and GST consultants, who need to update compliance processes.
✔️ Entities engaged in GST return filing, ensuring alignment with the latest provisions.
📌 Check if your business is affected – Get expert GST compliance assistance.

Answer:
If your business is subject to changes introduced by Sections 11 to 13, you must ensure:
✔️ Correct classification of transactions in GST returns.
✔️ Proper claim of Input Tax Credit (ITC) as per amended provisions.
✔️ Timely adjustments in tax calculations to avoid penalties.
📌 File your GST returns seamlessly with Finodha’s expert support.

Answer:
Yes, the amendments under Sections 11 to 13 may introduce exemptions or modifications in taxability for certain goods and services. The specifics depend on how the government has structured these changes.
📌 Get real-time GST updates and exemptions analysis.

Answer:
Businesses should:
✔️ Review the changes under Sections 11 to 13 and their applicability.
✔️ Ensure proper tax calculation and reporting in GST returns.
✔️ Seek expert advice to avoid compliance errors.
📌 Consult Finodha’s GST professionals to stay compliant.

Answer:
You can access the official notification on:
✔️ The CBIC website (https://www.cbic.gov.in).
✔️ The GST portal (https://www.gst.gov.in).
✔️ Finodha’s GST compliance section, where our experts break down key amendments.
📌 Stay updated with GST notifications at Finodha.

Answer:
Finodha offers:
✅ Expert GST advisory services to understand the impact of new amendments.
✅ Seamless GST compliance solutions for businesses of all sizes.
✅ Hassle-free GST return filing ensuring compliance with updated regulations.
✅ Regular updates and consultation to keep businesses tax-ready.
📌 Book a GST consultation with Finodha and stay ahead of regulatory changes!