The GST department vide Notification No. 07/2025-Central Tax (Rate) has refine the applicability of reverse charge mechanisms (RCM) in specific cases under the Central Goods and Services Tax (CGST) Act, 2017. These changes aim to enhance clarity and compliance among taxpayers. Here's a quick overview of the updates. Amendment to Serial Number 4: Sponsorship ServicesPreviously, the reverse charge mechanism applied to sponsorship services provided by any person to any body corporate or partnership firm. However, the amendment now adds a specific exclusion.What’s new?In Column (3), after the words "Any person,"…

Circular No. 12/2024, Dated 15th October, 2024F. No. 370142/22/2024 -TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSub.: Guidance Note 1/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024 - reg.1. The Direct Tax Vivad Se Vishwas Scheme, 2024 (hereinafter referred as DTVSV Scheme, 2024) has been enacted vide Chapter IV of Finance (No.2) Act, 2024 to provide for dispute resolution in respect of pending income lax litigation. The objective of the Scheme is to, inter alia, reduce pending income tax litigation, generate timely revenue…