Major GST Update from 1st Nov 2024

Starting from 1st November 2024, a new compliance rule 47A is coming into effect for Self Invoicing in cases of Reverse Charge Mechanism (RCM).

Under the Finance Act 2024 (Part 2) and Notification 20/2024, all GST-registered recipients liable under RCM must issue self-invoices within 30 days of supply receipt.

Previously, there was no clear time limit, leading to confusion. This change aims to bring consistency and ensure timely tax compliance.

Key Points:
✅ New 30-day time limit for RCM self-invoices.
✅ Effective from 1st November 2024