Important Keyword: Corrigendum Notification 01/2024, Integrated Tax Rate 2024, GST Rate Correction, IGST Notification Update, Finodha GST help, GST Notification FAQs,
Words: 1008; Read time: 5 minutes
[F. No. 190354/223/2023-TRU]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
New Delhi, the 5th January, 2024
Corrigendum to Notification No. 01/2024 – Integrated Tax (Rate) dated 03.1.2024.
Table of Contents
GST: [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
G.S.R. (E).- In the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 01/2024-Integrated Tax (Rate), dated the 3rd January, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 11(E), dated the 3rd January, 2024, at the page number 3, namely:-
- in line 19, for “2.5”, read “5”;
- in line 27 to line 31,
for “The principal notification No.1/2017-Central Tax (Rate), dated the 28th 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 28th June, 2017 and was last amended by notification No. 20/2023 – Central Tax (Rate), dated the 19th October, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 775(E), dated the 19th October, 2023.”,
read “The principal notification No.1/2017-Integrated Tax (Rate), dated the 28th June, 2017 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 666(E), dated the 28th June, 2017 and was last amended by notification No. 20/2023 – Integrated Tax (Rate), dated the 19th October, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 775(E), dated the 19th October, 2023.”.
(Nitish Karnatak)
Under Secretary to the
Government of India
📚 Frequently Asked Questions (FAQs): Corrigendum Notification No. 01/2024 – Integrated Tax (Rate)
📚 Q1: What is the Corrigendum to Notification No. 01/2024 – Integrated Tax (Rate)?
Answer:
The Corrigendum corrects two critical details in Notification No. 01/2024-Integrated Tax (Rate) issued on 3rd January 2024.
📝 Key corrections:
👉 Line 19: Tax rate revised from “2.5” to “5”
👉 Line 27-31: The reference changed from Central Tax (Rate) to Integrated Tax (Rate) for legal consistency.
This ensures the notification aligns accurately with GST legislation and previous Integrated Tax Notifications.
📚 Q2: Why was the rate “2.5” corrected to “5”?
Answer:
This amendment ensures alignment with the actual applicable IGST rate. It resolves ambiguity for taxpayers and helps in proper computation during filing. If you’re unsure how it affects your transactions, consult a GST expert via www.Finodha.in.
📚 Q3: What was the mis reference in the original Notification 01/2024?
Answer:
The original mistakenly cited Notification No.1/2017-Central Tax (Rate) instead of Notification No.1/2017-Integrated Tax (Rate). The Corrigendum ensures the correct legislative history is reflected for clarity and enforcement.
📚 Q4: Does the Corrigendum affect all GST taxpayers?
Answer:
No 🚫. It primarily affects businesses dealing with interstate supplies where IGST is applicable. However, all registered taxpayers should take note to ensure correct invoicing and reporting. For GST Compliance, visit: https://finodha.in/gst-compliance/
📚 Q5: Where can I download the corrected notification officially?
Answer:
You can access it through the Gazette of India or stay updated via Finodha’s GST Portal. For reliable documentation and professional interpretation, refer to: https://finodha.in/online-gst-registration/
📚 Q6: How can businesses ensure compliance with this change?
Answer:
✔️ Update accounting software with the revised rate.
✔️ Ensure corrected reference in invoices from Jan 2024 onwards.
✔️ Stay subscribed to GST Council updates.
Or you can simply hire GST professionals via Finodha: www.Finodha.in
📚 Q7: Is there a penalty if the old rate of 2.5% was used mistakenly?
Answer:
Possibly, yes. Wrong tax application may lead to notices or interest under CGST/IGST provisions. Rectification should be done proactively. Seek Finodha’s audit support: https://finodha.in/gst-return-filing/
📚 Q8: Does this change apply retrospectively?
Answer:
❌ No, it applies prospectively from 5th January 2024 (Corrigendum date). Businesses must correct their practices from that date. Backdated corrections are not mandated unless errors were committed knowingly.
📚 Q9: How does this affect MSMEs and startups?
Answer:
Clarity on correct IGST rate and references simplifies return filing for MSMEs. Use tools like Finodha’s MSME Registration portal to manage your compliance stress-free: https://finodha.in/online-udyam-udyog-aadhar-msme-registration/
📚 Q10: What’s the best way to stay ahead of such corrections in future?
Answer:
🚀 Subscribe to expert newsletters, use automated GST compliance tools, and partner with professionals. Finodha offers a wide array of services including company setup: https://finodha.in/setup-business/
🎯 Summary:
The Corrigendum to Notification No. 01/2024 – Integrated Tax (Rate) was issued to correct a tax rate error and citation mismatch. Businesses involved in interstate trade under IGST must ensure compliance by using the revised rate and referencing the correct notification.
📌 Stay Updated, Stay Compliant!
From GST registration to digital signature certificates, let Finodha guide your journey:
🔗 GST Expert Help: www.Finodha.in
📝 GST Registration: https://finodha.in/online-gst-registration/
💼 ITR Filing: https://finodha.in/income-tax-return-filing-online/
📦 Company Setup: https://finodha.in/private-limited-company/
Download PDF: Corrigendum Notification No. 01/2024 – Integrated Tax (Rate)
More Information: https://taxinformation.cbic.gov.in/
Read more interesting articles:
