Comprehensive Guide to Amended GST Rules 2024: Registration, Valuation, Invoicing, and Compliance
The Amended Rules Under Notification 12/2024 for the Goods and Services Tax (GST) in India. These rules encompass various aspects of GST administration and compliance, including registration, valuation, input tax credit, invoicing, refunds, appeals, and more. Key highlights include:
- Registration Rules: Rules 8, 21, and 21A outline the procedures for GST registration, conditions for cancellation, and suspension of registration.
- Valuation and Tax Credit: Rules 28 and 37A address the value of supply and reversal of input tax credit for non-payment. Rules 39 and 40 provide guidelines for the distribution and claiming of input tax credit.
- Invoicing and Filing: Rule 48 specifies the manner of issuing invoices, while Rules 59, 60, and 62 detail the submission of outward and inward supply details and statements.
- Interest, Liability, and Refunds: Rules 88B and 88C explain the calculation of interest on delayed payments and dealing with differences in tax liability. Rules 89, 95B, 96, and 96A cover the application and procedures for tax refunds, including for exports.
- Appeals: Rules 110, 111, and 113A detail the process for appeals to the Appellate Tribunal and the withdrawal of appeals or applications.
- Demand and Information Sharing: Rule 142 deals with notices and orders for demand of payable amounts, while Rule 163 addresses consent-based information sharing.
