Important Amendments to Central Tax Rates Notification

The Ministry of Finance, Government of India, issued amendments to Notification No.2/2017-Central Tax (Rate) dated June 28, 2017. Serial Number 59 in the Schedule sees a modification, now allowing exemption for tariff items 7, 9, or 10 instead of just 9.

Another change is in Serial Number 102, where the tariff item is updated from 2302 to 2301 and 2302. These changes, issued by Under Secretary Mohit Tewari, aim to refine tax exemptions for certain goods under the GST regime.

The amendments are published in the Gazette of India, ensuring transparency and compliance with tax regulations. The modifications reflect the government's commitment to enhancing the efficiency and effectiveness of the tax system.

Such updates are crucial for businesses and taxpayers to stay informed and compliant with the evolving tax landscape. It highlights the government's responsiveness to feedback and its dedication to streamlining tax processes for the benefit of all stakeholders