Notification No. 01/2024 |GST Rate Update on Natural Gas

Important Keyword: Notification No. 01/2024 – Central Tax (Rate), GST rate update 2024, Central Tax natural gas amendment, Finodha GST expert, 2711 12 00 GST, 2711 13 00, 2711 19 10,

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[F. No. 190354/223/2023-TRU]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)

New Delhi, the 3^rd January, 2024

Notification No. 01/2024 – Central Tax (Rate): Seeks to amend Notification No 01/2017- 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), dated the 28^thJune, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28^thJune, 2017, namely:-

In the said notification, in Schedule I – 2.5%, –

• against S. No. 165, in column (2), for the entry, the entry “2711 12 00, 2711 13 00, 2711 19 10” shall be substituted;
• against S. No. 165A, in column (2), for the entry, the entry “2711 12 00, 2711 13 00, 2711 19 10” shall be substituted;

2.  This notification shall come into force with effect from the 4^th day of January, 2024.

(Nitish Karnatak)
Under 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 by notification No. 17/2023 – Central Tax (Rate), dated the 19^th October, 2023, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 774(E), dated the 19^th October, 2023.

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📚 Frequently Asked Questions (FAQs): Notification No. 01/2024 – Central Tax (Rate)

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🟢 Summary:

The Notification No. 01/2024 – Central Tax (Rate) signifies a strategic GST rate revision for select natural gas products. By substituting HS codes under Schedule I (2.5% GST), it aids in aligning the taxation structure with current industry practices. Businesses involved in the supply, import, or sale of these goods must update invoicing and compliance practices.

🧩 Conclusion:

Staying up to date with GST Notifications like No. 01/2024 is vital for maintaining legal and financial compliance. For personalized assistance, partner with Finodha, your GST and Taxation expert.

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Download PDF: Notification No. 01/2024 – Central Tax (Rate)

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

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