Navigating the Latest GST Changes: January 2024 Highlights for Businesses and Tax Professionals
The January 2024 edition of the GST Circulars and Notifications by CNK & Associates offers critical updates that impact exporters, corporates, service providers, and real estate developers across India. These updates—ranging from place of supply clarifications to the valuation of corporate guarantees—are crucial for ensuring compliance and minimizing litigation under the evolving GST regime.
Key highlights include the introduction of an Amnesty Scheme for late appeals, a pivotal clarification on export of services in INR via Vostro accounts, updated rules on personal and corporate guarantees, and revised place of supply (POS) rules for sectors like logistics, advertising, and IT services. Additionally, changes in tax rates, exemptions, and CGST Rule amendments have been notified to streamline processes and promote ease of doing business.
