I. Notification No. 06/2024- Central Tax (Rate): Supply of metal scrap by an unregistered person to a registered person

The 54th GST Council meeting held on 09.09.2024, has proposed reverse charge mechanism will be applied to the supply of metal scrap from unregistered to registered persons. Suppliers must register once they surpass the threshold limit, while recipients will be responsible for paying tax under RCM. Additionally, a TDS of 2% will be imposed on the supply of metal scrap in B2B transactions.

Vide this Notification, CBIC amended the earlier notification No. 4/2017-Central Tax (Rate) from June 28, 2017 by adding a new entry No.8 to the table in the original notification, after S. No. 7. This brings the metal scraps of the Chapters 72, 73, 74, 75, 76, 77, 78, 79, 80 or 81 under its ambit. CBIC has notified effective date to be 10.10.2024.

Similar Notification has been issued under UTGST (Rate)and Integrated Tax (Rate) vide Notification No. 06/2024- Union Territory Tax (Rate)and Notification No. 06/2024- Integrated Tax (Rate) respectively

II. Notification No. 09/2024- Central Tax (Rate): Service related to renting of any property other than residential dwelling

The 54th GST Council meeting held on 09.09.2024, has proposed Renting of commercials properties brought under reverse charge mechanism, provided by unregistered person to a registered person.

Vide this Notification, CBIC notified the effective date as 10.10.2024, to be date from which Supply of Service related to renting of any property other than residential dwelling by any unregistered person to any registered person , brought under Reverse Charge Mechanism

Similar Notification has been issued under UTGST (Rate)and Integrated Tax (Rate) vide Notification No. 09/2024- Union Territory Tax (Rate)and Notification No. 09/2024- Integrated Tax (Rate) respectively.