Notification No. 05/2024 Explained | GST Rate Update

Important Keyword: Notification No. 05/2024 Central Tax Rate, GST Rate Notification 2024, Trastuzumab GST, GST on snacks, Osimertinib GST rate, GST on vehicle seats, CBIC updates October 2024,

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[F. No. CBIC-190354/149/2024-TO(TRU-II)]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

New Delhi, the 8^th October, 2024

Notification No. 05/2024 - Central Tax (Rate): Seeks to amend Notification No. 1/2017- Central Tax (Rate) dated 28.06.2017.

GST [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB- SECTION (i)]

G.S.R       (E).- In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 1/2017-Central Tax (Rate), published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28^th June, 2017, namely:-

In the said notification, -

• after Schedule I – 2.5% , in List 1, after item number 232 and the entries relating thereto, the following item numbers and entries shall be inserted, namely: -

“(233) Trastuzumab Deruxtecan

• Osimertinib
  • Durvalumab”;

• in Schedule II – 6%, after S. No. 32B and the entries relating thereto, the following S. No. and entries shall be inserted, namely: -

“32C

1905 90 30

Extruded or expanded products, savoury or salted (other than un-fried or un- cooked snack pellets, by whatever name called, manufactured through process of extrusion)”;

• in Schedule III – 9%, -
• against S. No. 16, in column (3), for the words “un-fried or un-cooked snack pellets, by whatever name called, manufactured through process of extrusion”, the words “un-fried or un-cooked snack pellets, by whatever name called, manufactured through process of extrusion, extruded or expanded products, savoury or salted” shall be substituted;
• for S. No. 435A and the entries relating thereto, the following S. No. and entries shall be substituted, namely: -

“435A

9401 [other than 9401 10 00 or 9401 20 00]

Seats (other than those of heading 9402), whether or not convertible into beds and parts thereof other than seats of a kind used in aircraft or seats of a kind used for motor vehicles”;

• in Schedule IV – 14%, after S. No. 210 and the entries relating thereto, the following S. No. and entries shall be inserted, namely: -

“210A

9401 20 00

Seats of a kind used for motor vehicles”.

2.            This notification shall come into force on the 10^th day of October, 2024.

(Amreeta Titus)
Deputy Secretary

Note: - The principal notification No. 1/2017-Central Tax (Rate), dated the 28^th June, 2017, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28^th June, 2017, and was last amended vide notification No. 2/2024 – Central Tax (Rate), dated the 12^th July, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 396(E), dated the 12^th July, 2024.

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📚 Frequently Asked Questions (FAQs): Notification No. 06/2024 - Central Tax (Rate)

📌 Summary:

Notification No. 05/2024-Central Tax (Rate) introduces important updates affecting pharmaceuticals, food products, and vehicle seating. Understanding these updates ensures that your business remains compliant and optimized under the latest GST framework. Access professional guidance and automation tools through Finodha.in to stay ahead in compliance and filings.

📣 Pro Tip:

Bookmark Finodha's GST compliance page to never miss an update: https://finodha.in/gst-compliance/

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Download PDF: Notification No. 05/2024 - Central Tax (Rate)

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More Information: https://taxinformation.cbic.gov.in/

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