The Central Board of Indirect Taxes and Customs (CBIC) on September 27, 2024, issued a notification regarding the implementation of the provisions of the Finance Act, 2024.
The following has been stated: -
•Sections 118, 142, 148, and 150 come into force on September 27, 2024.
•Sections 114-117, 119-141, 143-147, 149, and 151-157 will come into force on November 01, 2024.
•The key amendments relate to:
GST Council Recommendations: Changes to the CGST Act, 2017, including the insertion of new sub-sections (5) and (6) in section 16 and Direct Taxes: Amendments to tax rates and procedures, including changes to reassessment procedures.
The detailed circular is given in the document below.
[Circular No. 17/2024–Central Tax]
