Important Keyword: Notification No. 50/2023 – Central Tax, GST Composition Scheme, actionable claims GST, CGST Rules update, GST 2023 amendments,
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[F. No. CBIC-20016/29/2023-GST]
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
(DEPARTMENT OF REVENUE)
CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS
New Delhi, dated the 29th September, 2023
Notification No. 50/2023 – Central Tax: Seeks to amend Notification No. 66/2017 – Central Tax dated 15.11.2017 to exclude specified actionable claims
Table of Contents
[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 section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 66/2017 – Central Tax, dated the 15th November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),vide number G.S.R. 1422(E), dated the 15th November, 2017, namely: —
In the said notification, with effect from the 1st October, 2023, after the words and figures “composition levy under section 10 of the said Act”, the words and figures “, other than the registered person making supply of specified actionable claims as defined in clause (102A) of section 2 of the said Act,” shall be inserted.
(Raghavendra Pal Singh)
Director
Note: The principal notification No. 66/2017- Central Tax, dated the 15th November, 2017, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 1422(E), dated the 15th November, 2017.
📚 Frequently Asked Questions (FAQs): Notification No. 50/2023 – Central Tax
Q1: What is the purpose of Notification No. 50/2023 – Central Tax?
Answer:
🧾 Notification No. 50/2023 aims to amend Notification No. 66/2017-Central Tax to exclude certain registered persons who supply “specified actionable claims” from opting for the GST Composition Scheme under Section 10 of the CGST Act.
Q2: What are “specified actionable claims” as per Section 2(102A)?
Answer:
💼 “Specified actionable claims” are claims that have been newly defined in the CGST Act and typically involve rights enforceable in court. This may include lottery, betting, and gambling-related claims.
Q3: From which date does this amendment take effect?
Answer:
📅 The amendment takes effect from 1st October 2023, as per the notification issued on 29th September 2023.
Q4: Who is now excluded from the GST Composition Levy?
Answer:
❌ Registered persons who make supply of specified actionable claims as defined in clause (102A) of Section 2 are excluded from the GST composition levy. Earlier, such persons could opt for the composition scheme.
Q5: What was the original purpose of Notification No. 66/2017?
Answer:
📜 Notification No. 66/2017 exempted registered persons with turnover below the threshold from issuing tax invoices under certain conditions, specifically under the GST Composition Scheme. Notification No. 50/2023 fine-tunes this exemption by excluding actionable claim suppliers.
Q6: How does this impact small businesses and composition taxpayers?
Answer:
🏪 Small businesses involved in the supply of specified actionable claims can no longer enjoy simplified compliance benefits of the composition scheme. They will need to follow the regular GST compliance structure, including detailed invoicing and returns.
Q7: Is this change applicable to all states and union territories?
Answer:
🌐 Yes, this central notification is uniformly applicable across all states and union territories where CGST is implemented.
Q8: What should businesses dealing with actionable claims do next?
Answer:
📌 They should:
Switch to the regular GST scheme
Update their invoicing practices
File returns using standard forms
Consult with GST professionals like those at Finodha GST Experts for compliance.
Q9: What are the compliance tips for affected businesses?
Answer: ✅
Reassess eligibility for the composition scheme
Use correct HSN codes for actionable claims
Ensure timely return filing
Consider digital GST registration if not already enrolled
Q10: Where can I get help with compliance or registration?
Answer: 🙋♂️ You can reach out to Finodha GST Professionals for support in GST return filing, digital signature procurement, registration, and actionable claim handling under GST.
If you are a small business unsure of how Notification No. 50/2023 affects your eligibility for GST composition levy, consult Finodha for seamless transition and compliance help.
Download PDF: Notification No. 50/2023 – Central Tax
More Information: https://taxinformation.cbic.gov.in/
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