GST Rates on recommendation of 50th GST Council meeting Notified

Many Important decisions were taken in the 50th GST Council Meeting with respect to the Rate Change of various goods. The same is now notified vide below mentioned notification.

Also, Refer: Summary Note on Circulars 192 to 199 issued by CBIC on 17th July 2023

No. 06/2023- Central Tax (Rate), No. 06/2023- Integrated Tax (Rate) and No. 06/2023- Union Territory Tax (Rate) dated 26.07.2023

It has been notified that the last date of exercising the option by GTAs to pay GST under forward charge shall be 31st March of preceding Financial Year instead of 15th March. 1st January of the preceding Financial Year shall be the start date for exercise of option.

This notification shall come into force on 27th July, 2023.

No. 07/2023- Central Tax (Rate), No. 07/2023- Integrated Tax (Rate) and No. 07/2023- Union Territory Tax (Rate) dated 26.07.2023

Satellite launch services have been Exempted w.e.f. 27th July, 2023.

No. 08/2023- Central Tax (Rate), No. 08/2023- Integrated Tax (Rate) and No. 08/2023- Union Territory Tax (Rate) dated 26.07.2023

It has been notified w.e.f. 27th July, 2023, that GTAs will not be required to file declaration for paying GST under forward charge every year. If they have exercised this option for a particular financial year, they shall be deemed to have exercised it for the next and future financial years unless they file a declaration that they want to revert to reverse charge mechanism (RCM).

Notification No. 09/2023- Central Tax (Rate), No. 09/2023-Union Territory Tax (Rate), No. 09/2023-Integrated Tax (Rate) dated 26.07.2023

Rates for Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag (at par with blast furnace slag) and imitation zari thread as recommended by GST Council Notified.

This notification shall come into force on 27th July, 2023.

Notification No. 10/2023- Central Tax (Rate), No. 10/2023-Union Territory Tax (Rate), No. 10/2023-Integrated Tax (Rate) dated 26.07.2023

Consequential changes in notifications carried out in view of new Foreign Trade Policy 2023.

This notification shall come into force on 27th July, 2023.

Notification No. 3/2023-Compensation Cess (Rate) dated 26.07.2023

It has been notified that on pan masala, tobacco products etc, where it is not legally required to declare the retail sale price, the earlier ad valorem rate as was applicable on 31st March 2023 may be notified in order for levy of Compensation Cess.

Entry no. 52B in compensation cess notification has been amended to include all utility vehicles by whatever name called provided they meet the parameters of Length exceeding 4000 mm, Engine capacity exceeding 1500 cc and having Ground Clearance of 170 mm & above and to clarify by way of explanation that ‘Ground clearance’ means Ground Clearance in un-laden condition.

Cess Rate for Pan Masala, Unmanufactured tobacco, Tobacco refuse, ‘Hookah’ or ‘gudaku’ tobacco etc. notified.

This notification shall come into force on 27th July, 2023.

Notification No. 46/2023-Customs Dated 26.07.2023

RBL Bank and ICBC bank included in the list of specified banks for which IGST exemption is available on imports of gold, silver or platinum. The list of banks /entities eligible for such IGST exemption as per Annexure 4B (HBP) of Foreign Trade Policy 2023 updated.

This notification shall come into force on 27th July, 2023.