Latest GST Updates October 2024: Key Highlights, Exemptions, and Clarifications You Need to Know
The Central Board of Indirect Taxes and Customs (CBIC) has released a comprehensive set of GST circulars and notifications in October 2024, shedding light on critical clarifications, rate changes, and compliance reforms. These updates are highly relevant for businesses, tax professionals, and industry stakeholders navigating India’s evolving GST framework.
From exemptions on Indian Railways services and reinsurance schemes to input tax credit (ITC) eligibility for demo vehicles and advertising services for foreign clients, the new GST clarifications aim to reduce litigation, promote ease of doing business, and provide long-awaited regulatory clarity. Importantly, the updates also include revisions to reverse charge mechanisms (RCM), GST rates on goods like car seats and solar cookers, and procedural changes such as the new Rule 47A for invoice timelines.
These developments stem from recommendations of the 53rd and 54th GST Council Meetings and introduce both retrospective and forward-looking amendments across multiple sectors, including real estate, education, aviation, and cloud services.
