Notification No. 17/2024 – CT: Finance (No. 2) Act 2024

Answer:
Notification No. 17/2024 – Central Tax, issued by the Central Board of Indirect Taxes and Customs (CBIC) on 27th September 2024, enforces specific provisions of the Finance (No.2) Act, 2024 (15 of 2024) on different dates.
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Answer:
The notification specifies two key implementation timelines:
📅 27th September 2024 (Date of Gazette Publication)
✔️ Sections 118, 142, 148, and 150 of the Finance (No.2) Act, 2024 come into force.
📅 1st November 2024
✔️ Sections 114 to 117, 119 to 141, 143 to 147, 149, and 151 to 157 of the Finance (No.2) Act, 2024 come into force.
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Answer:
These sections bring important modifications to GST laws, likely involving:
✔️ Changes in taxability and exemptions for specific goods and services.
✔️ Modifications in GST return filing procedures.
✔️ Revised compliance measures for businesses and taxpayers.
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Answer:
These sections introduce widespread amendments to GST administration, audit, assessment, and tax refund procedures, coming into force on 1st November 2024.
✔️ New regulations for tax assessments.
✔️ Procedural changes for GST audits and appeals.
✔️ Adjustments in penalties and dispute resolution mechanisms.
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Answer:
This notification impacts:
✔️ All GST-registered businesses, as tax compliance regulations may change.
✔️ Tax consultants and GST professionals, who must update clients on new legal requirements.
✔️ Businesses undergoing GST audits and assessments.
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Answer:
Depending on the changes introduced under the Finance (No.2) Act, 2024, businesses may need to:
✔️ Update their GST return formats based on new rules.
✔️ Adjust tax calculations and filing schedules.
✔️ Ensure proper documentation to avoid errors in compliance.
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Answer:
It is likely that certain sections of the Finance (No.2) Act, 2024 introduce:
✔️ New exemptions for specific industries, goods, or services.
✔️ Revised eligibility criteria for existing exemptions.
✔️ Clarifications on previously ambiguous tax positions.
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Answer:
✔️ Review the amendments and their applicability to your business.
✔️ Update GST records and compliance processes.
✔️ Consult tax professionals to ensure a smooth transition.
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Answer:
The notification is available on:
✔️ CBIC Official Website: https://www.cbic.gov.in
✔️ GST Portal: https://www.gst.gov.in
✔️ Finodha’s GST updates section for expert interpretations and compliance insights.
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Answer:
Finodha offers:
✅ Expert GST consultation to help businesses understand the new amendments.
✅ Seamless GST compliance solutions tailored to evolving tax laws.
✅ Effortless GST return filing ensuring accuracy and compliance.
✅ Regular updates and advisory services to keep businesses informed about GST amendments.
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