Govt notifies section 11 to 13 of Finance Act (No. 8) 2024 vide NN. 16/2024–CT

These amendments to CGST Act, 2017, will be effective from 1st October 2024 and 1st April 2025.            

Section 11 revises the definition of “Input Service Distributor” (ISD), specifying the office responsible for receiving and distributing input tax credits.            

Section 12 replaces the existing Section 20 of the CGST Act, detailing the manner of credit distribution by ISDs, including requirements for registration and the distribution method of central and integrated taxes. Section 13 introduces a new Section 122A, which imposes a penalty of Rs. 1 lakh per machine on manufacturers who fail to register certain machines under a special procedure outlined in Section 148 of the Act. Additionally, unregistered machines may be subject to seizure and confiscation unless penalties are paid and registration is completed within three days.

Source : https://taxinformation.cbic.gov.in/view-pdf/1010138/ENG/Notifications