Ther are three important amendments in GST that are applicable for upcoming exams and provided below.
Composition Scheme:
Manufacturers or Suppliers of aerated water (For eg., Kinley Water Bottles,) are not eligible for Composition Scheme.
Reverse Charge:
Paying tax under Reverse Charge is made optional for services by a Musician or an Artist to a Music Company (For eg., Services by AR Rahman to T-Series).
ITC Claim:
If Invoice or Debit Note are not uploaded through GSTR-1 by Supplier, the recipient can now claim only 20% of eligible amount (no such limit earlier).
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