Pursuant to the recommendations made in the 54^th meeting of the GST Council held on 9 September 2024, CBIC has issued various Circulars inter alia providing for regularization of GST liability for the past period as well as interpreting the scope of the phrase ‘regularized on as is where is’ basis and also clarifying various issues pertaining to extension of time limit to claim ITC for the period July 2017 to March 2021 under the newly introduced sections 16(5) and 16(6) as well as the scheme for waiver of interest and penalty on payment of full tax amount as per notice/statement for the period July 2017 to March 2020 under newly introduced section 128A of the CGST Act.

We, at BDO in India have summarised these Circulars. Hope you would find it timely and useful.

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