Invoice July 2024. The central board of indirect taxes and customs (cbic) has issued a notification to notify central goods and services tax (amendment) rules, 2024, as per the recommendations of the gst council. 23rd july 2024 in the union budget 2024, the finance minister proposed an amendment to section 13 of the cgst act to provide for the time of supply of services where the invoice is required to be issued by the recipient of services in cases of reverse charge supplies from the unregistered supplier.

Therefore, it is clarified that the value of supply of the service of providing corporate guarantee to a banking company or a financial institution on behalf of a related recipient shall be one per cent of the amount guaranteed per annum or the actual consideration, whichever is higher. On 10th july 2024, the central government, following the counsel of the gst council, unveiled substantial modifications to the central goods and services tax (cgst) rules, 2017, through notification no.