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Change in registration compliance for buyers of metal scrap under GST

GSTN updates registration process for metal scrap buyers, simplifying compliance with new GST provisions. Learn how to complete the updated GST REG-07 form and avoid potential issues or delays

The Central Board of Indirect Taxes and Customs (CBIC) has released a corrigendum dated October 25, 2024, to amend Circular No. 237/31/2024-GST, initially issued on October 15, 2024. This corrigendum aims to provide additional clarity on the implementation of Section 16, sub-sections (5) and (6), of the Central Goods and Services Tax (CGST) Act, 2017.

Section 16 of the CGST Act outlines the eligibility criteria and conditions for availing Input Tax Credit (ITC). The corrigendum addresses practical concerns surrounding the application of sub-section (5), which restricts ITC claims for goods or services used partially for personal purposes, and sub-section (6), which governs the reversal of ITC in cases where goods are not received within a stipulated timeframe.

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