Important Keyword: Notification No. 01/2024 – Integrated Tax (Rate), IGST 01/2024, gas tariff GST, 2711 12 00 GST rate, 2711 13 00, 2711 19 10 GST update, GST fuel notification, Finodha GST Experts,
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[F. No. 190354/223/2023-TRU]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(Department of Revenue)
New Delhi, the 3rd January, 2024
Notification No. 01/2024 – Integrated Tax (Rate): Seeks to amend Notification No 01/2017 – Integrated 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 5 of the IGST Act, 2017 (13 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-Integrated Tax (Rate), dated the 28thJune, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 666(E), dated the 28thJune, 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 4th day of January, 2024.
(Nitish Karnatak)
Under Secretary
Note: – 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.
📚 Frequently Asked Questions (FAQs): Notification No. 01/2024 – Integrated Tax (Rate)
Q1: 🤔 What is Notification No. 01/2024–Integrated Tax (Rate) about?
Answer:
Notification No. 01/2024–Integrated Tax (Rate), dated 3rd January 2024, amends Notification No. 01/2017–Integrated Tax (Rate) to update the HSN codes under Schedule I (2.5% rate) for specific petroleum gas products. It substitutes the tariff entries for S. No. 165 and 165A with “2711 12 00, 2711 13 00, 2711 19 10”.
Q2: 📅 When does Notification No. 01/2024-Integrated Tax (Rate) come into effect?
Answer:
The notification becomes effective from 4th January 2024.
Q3: 🔍 Which products are affected under the revised HSN codes?
Answer:
The products affected are petroleum gases and other gaseous hydrocarbons such as:
Liquefied propane (HSN 2711 12 00)
Liquefied butanes (HSN 2711 13 00)
Liquefied petroleum gases (HSN 2711 19 10)
Q4: 📄 What rate applies to these products post-amendment?
Answer:
These products will continue to attract a 2.5% Integrated GST (IGST) under Schedule I.
Q5: 💡 What was the previous entry before this amendment?
Answer:
The previous entries were either undefined or outdated for these gases. The substitution ensures accurate classification and tax compliance.
Q6: ⚖️ Under which legal provision is this notification issued?
Answer:
The notification is issued under Section 5(1) of the Integrated Goods and Services Tax Act, 2017, based on recommendations by the GST Council.
Q7: 🚛 How does this impact importers or exporters of LPG or CNG?
Answer:
Importers/exporters must update their GST filings and product HSN classifications to align with these revised codes. Failure to do so could lead to penalties or incorrect filing. For expert help, consult Finodha’s GST team.
Q8: 🛠️ Are there any additional compliance requirements under this update?
Answer:
Yes, businesses handling these goods must:
Update ERP and billing systems to reflect revised HSNs.
Notify their accounting/tax teams for correct GST treatment.
File returns via trusted platforms like https://finodha.in/gst-return-filing/
Q9: 💼 Who can help me align my GST practices post this notification?
Answer:
You can consult the experts at Finodha:
🔹 GST Registration – https://finodha.in/online-gst-registration/
🔹 GST Compliance – https://finodha.in/gst-compliance/
🔹 Setup business – https://finodha.in/setup-business/
Q10: 🔗 Where can I find the official copy of Notification No. 01/2024-ITR?
Answer:
The official notification is published in the Gazette of India and was circulated via file number [F. No. 190354/223/2023-TRU] on 3rd January 2024.
📌 Summary:
Notification No. 01/2024–Integrated Tax (Rate) refines the GST treatment of liquefied gases by substituting new HSN codes under Schedule I. Effective from January 4, 2024, it ensures accurate classification of products like propane and butanes for IGST at 2.5%. Businesses must promptly update their GST systems and seek professional guidance to stay compliant.
👉 Need assistance with GST classification and filings? Talk to a GST expert at www.Finodha.in for hassle-free solutions.
Download PDF: Notification No. 01/2024 – Integrated Tax (Rate)
More Information: https://taxinformation.cbic.gov.in/
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