03/2024-Central Tax — Seeks to rescind Notification No. 30/2023-CT dated 31 st July, 2023
Summary
This notification simply cancels out or withdraws a previous notification, specifically Notification No. 30/2023-CT, which was issued on July 31st, 2023. Think of it like the government pressing the undo button on that earlier notification.
The earlier notification, 30/2023-CT, dealt with prescribing a special procedure for registered persons engaged in manufacturing of certain goods. These manufacturers were subject to stricter norms regarding furnishing information on details of stock, movement, and other specifics related to their production under FORM GST SRM-I and FORM GST SRM-II.
Now that Notification 03/2024 rescinds the earlier one, this special procedure no longer applies. Manufacturers who were previously following the procedures outlined in Notification 30/2023-CT no longer need to adhere to those specific requirements. This means they don't need to file FORM GST SRM-I and FORM GST SRM-II.
This change is effective immediately from January 5th, 2024. There are no further actions required from taxpayers, except to stop complying with the rescinded Notification 30/2023-CT. This is straightforward good news for businesses relieved of the added compliance burden.
Key Changes
| Change | Impact |
|---|---|
| Rescission of Notification 30/2023-CT | Notification 30/2023-CT, which dealt with specific powers delegated to officers of Central Tax concerning provisional attachment of property under Section 83 of the CGST Act, is now withdrawn. This likely means a reassessment of the procedures and authorities responsible for provisional attachments. |