Important Changes in CGST Rules: Notification No. 52/2023 Explained | GST Council Meeting Update

1st Set of Notification Video - https://www.youtube.com/live/9Bk7CVd1...

In this informative session, we dive into the intricacies of Notification No. 52/2023 – Central Tax, issued by the Central Board of Indirect Taxes and Customs (CBIC). This notification, dated October 26, 2023, brings forth significant amendments to the Central Goods and Services Tax (CGST) Rules, aligning them with decisions made during the 52nd GST Council meeting. These changes have far-reaching implications for businesses and taxpayers. Here's what you'll learn:
1️⃣ Amendment in CGST Rules for Valuing Corporate Guarantees between Related Parties
2️⃣ Change from 'Order' to 'Intimation' in Rule 142 of CGST Rules
3️⃣ Amendment to Rule 159 of the CGST Rules for Time Limit on Commissioner's Actions
4️⃣ Addition of 'One Person Company' as Registration Type in FORM GST REG-01
5️⃣ Substitution of Form GST REG-08 [Order of Cancellation of Registration as Tax Deductor at source or Tax Collector at source] in the CGST Rules, 2017
6️⃣ Revisions to FORM GSTR-8 in CGST Rules, 2017
7️⃣ Revised Eligibility Criteria for GST Practitioner Enrollment in FORM GST PCT-01
8️⃣ Validity Period Added to FORM GST DRC-22 in CGST Rules, 2017

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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.

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Video Chapter
0:00 Intro to Topic
1:16 Valuation of Corporate Guarantees between Related Parties
2:52 Change from 'Order' to 'Intimation' in Rule 142 of CGST Rules
3:41 Amendment to Rule 159 of the CGST Rules for Time Limit of 1 year
4:15 Addition of 'One Person Company' in GST Registration Form
4:45 Substitution of Form GST REG-08
5:14 Revisions to FORM GSTR-8 including Late Fee
6:41 New Eligibility Criteria for GST Practitioner
11:24 Validity Period Added to FORM GST DRC-22
11:45 Outro