Important Keyword: Corrigendum 09/2024 IT(R), immovable property GST, Notification 09/2024 correction, GST FAQ, GST expert, integrated tax rate update,
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Table of Contents
[F. No. 190354/149/2024-TO (TRU-II)-Part-I CBEC]
Government of India
Ministry of Finance
(Department of Revenue)
New Delhi, the 22nd October, 2024
Corrigendum: To read “any immovable property” for “any property”, as mentioned in Notification No. 09/2024 – IT(R)
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)]
GSR……(E).- In the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.09/2024- Integrated Tax (Rate), dated the 8th October, 2024, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number
G.S.R. 625(E), dated the 8th October, 2024, at page number 26, against serial number 5AB, in the table, in column (2) in the line 19, for “any property” read “any immovable property”.
(Dilmil Singh Soach)
Under Secretary to the
Government of India
📚 Frequently Asked Questions (FAQs): Notification No. 09/2024 – Integrated Tax (Rate)
Q1: What is Corrigendum Notification No. 09/2024-IT(R) all about?
Answer:
The Corrigendum dated 22nd October 2024 issued by the Ministry of Finance amends Notification No. 09/2024 – Integrated Tax (Rate). It clarifies that the phrase “any property” under serial number 5AB should be correctly read as “any immovable property” in the context of GST applicability. This correction ensures legal precision and alignment with the intent of the original notification.
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Q2: Why was this corrigendum issued?
Answer:
The original wording “any property” was too broad and could include both movable and immovable assets. Since the tax provisions under 5AB were intended to cover only immovable properties, the corrigendum replaces “any property” with “any immovable property” to avoid misinterpretation and ensure uniform tax compliance.
Q3: What does “immovable property” mean under GST?
Answer:
Under GST and legal interpretation, “immovable property” refers to assets that cannot be moved like land, buildings, and attached structures. Movable items such as furniture, machinery, etc., are excluded. This clarification is crucial for the correct classification and application of Integrated Tax (Rate).
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Q4: Does this correction impact GST liability?
Answer:
Yes ✅. The correction narrows the scope to only immovable properties. Businesses dealing in movable assets previously assumed to fall under this rate entry may no longer be affected. Hence, it could alter the taxability of certain transactions retrospectively or prospectively based on interpretation.
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Q5: Who issued the corrigendum and when?
Answer:
It was issued by the Department of Revenue, Ministry of Finance, Government of India, and published in the Gazette of India on 22nd October 2024. The issuing officer was Dilmil Singh Soach, Under Secretary to the Government.
Q6: What should businesses do now after this corrigendum?
Answer:
✅ Re-examine all transactions involving the term “property” under the relevant notification.
✅ Ensure only “immovable properties” are taxed under serial 5AB.
✅ Seek GST audit support or tax professional guidance for compliance.
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Q7: How can I verify whether my transaction involves “immovable property”?
Answer:
You should assess whether the asset is permanently attached to land or cannot be moved without damaging its structure. You can also consult legal experts or GST professionals for classification clarity.
🔐 Also check: Digital Signature Certificate (DSC) for document verification.
Q8: Will this corrigendum impact past tax filings?
Answer:
If any taxpayer has incorrectly paid tax under “any property” instead of “immovable property,” they may need to consult with GST professionals for potential rectifications or refund applications, depending on facts and legal precedence.
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🧠 Summary
The Corrigendum to Notification No. 09/2024 – Integrated Tax (Rate) clarifies that tax under Entry 5AB applies specifically to “immovable property.” This correction ensures legal alignment and avoids confusion in GST application.
🎯 Conclusion
This corrigendum might seem minor but has a significant impact on GST applicability. Businesses must review transactions accordingly and consult professionals to avoid compliance issues. Whether you’re filing returns or setting up a business, Finodha is your trusted partner.
🔗 Useful Finodha Links:
Download PDF: Notification No. 09/2024 – Integrated Tax (Rate)
More Information: https://taxinformation.cbic.gov.in/
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