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Dear Professional Colleagues,

Greetings of the Day !

Lok Sabha introduced in The Finance Bill, 2024 (14 of 2024) dated February 1, 2024 the amendments in certain enactments.

Highlights

During its 50th meeting, the GST Council proposed making the Input Service Distributor mechanism compulsory for the allocation of Input Tax Credit (ITC) related to services acquired by the Head Office but distributed across multiple registrations, as per Section 20 of the CGST Act, 2017. On these lines, the interim budget made amendments in Section 2(61) and Section 20 of the CGST Act, 2017, following the council's decision.
Thereby Upon the interim budget's enactment, Input Service Distributor registration will become compulsory for entities holding multiple registrations, with penalties imposed for non-adherence. Organizations operating across various locations should promptly secure ISD registration and revise their fundamental compliance frameworks to align with these new mandates.
In July 2023, the CBIC outlined specific procedures for tobacco, pan masala, and similar product manufacturers regarding machine registration and monthly return filing. The recent budget introduces a stringent measure, levying a significant penalty of INR 1 lakh per unregistered machine, used in the production of these items, failing to comply with the prescribed procedures. Furthermore, such non-compliant machinery faces a risk of seizure and confiscation, emphasizing the government's tightened regulatory stance on these sectors.

The above changes shall come into force on such date as the Central Government may, by notification in the Official Gazette appoint.

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Hope you find it interesting and useful to read.

For any clarification/ feedback, feel free to write us at amrg@amrg.in.

Best regards,

AMRG Team

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AMRG & Associates is an established Chartered Accountants firm. It came into existence in 1984 and since then has grown its branches across major Indian cities such as Delhi, Mumbai and Chandigarh. Since its inception, it has become one of the leading chartered accountants’ firms in North India. AMRG & Associates offers its clients a wide range of exceptional services through the expertise of its highly motivated group of trained professionals. The firm provides expertise in financial and business advisory, tax and regulatory, audit and assurance and risk advisory services.

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© -2023 AMRG & Associates All Rights Reserved. This document has been written for the general interest of our clients and professional colleagues and is subject to change. This document is not to be construed as any form of solicitation. It is not intended to be exhaustive or a substitute for legal advice. We cannot assume legal liability for any errors or omissions. Specific advice must be sought before taking any action pursuant to this document.

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