GST Compendium: November 2024

The November edition of the GST Compendium provides significant updates that will impact businesses across various sectors. This edition highlights the procedural guidelines and clarifications for GST amnesty scheme. It also covers recent judicial decisions, including the Supreme Court's ruling on the applicability of service tax on interchange fees and DRI’s powers to issue SCN under customs law. along with amendments to direct tax provisions and procedures.

Key highlights of the GST Compendium November 2024

• Important updates/announcements: The GST amnesty scheme has become effective from 1 November 2024, granting conditional waivers on interest and penalties for demands spanning 2017-18 to 2019-20. To assist taxpayers in availing these benefits under the scheme, the CBIC has issued procedural guidelines and various clarifications.
• Key judicial pronouncements: The Supreme Court’s recent decision on the applicability of service tax on interchange fees—where a larger bench dismissed the Revenue’s appeal—marks a pivotal point. The court clarified that the Merchant Discount Rate encompasses the entire transaction, including the interchange fee, thus avoiding double taxation. This ruling could have substantial GST implications.
• Significant updates in direct taxes: The CBDT has extended the due dates for furnishing ITR by certain taxpayers to 15 November 2024, as well as audit reports in Form 10B/10BB for trusts or institutions for AY 2023-24. In relation to VsV Scheme, 2024, the CBDT has notified the procedure for furnishing Form 1 and also issued guidance (in the form of FAQs).