Authority and Recommendation:
G.S.R. (E) exercises powers under CGST Act, 2017, on Council recommendations, introducing amendments to GST rates.
Reduced Rates:
Serial numbers 225B, 226, 227, 228 in Schedule I (2.5%) are omitted, indicating a change in applicable rates.
New Inclusions in Schedule II (6%):
Introduction of fly ash products – bricks, blocks, fossil meal bricks, building bricks, and earthen tiles under serial numbers 176B to 176E.
Effective Date:
Amendments become effective on April 1, 2022, influencing tax liabilities for affected items.
Impact on Specific Goods:
Reduction of rates and inclusions aim to streamline taxation, potentially impacting businesses dealing with the specified goods.
Transparent Explanation:
The notification provides clarity on the principal notification's history, emphasizing the evolving nature of GST rates.
Compliance Alert:
Businesses must adapt to the changes, ensuring compliance with the latest rates and categories to avoid penalties.
Note: The amendments signify an ongoing effort to fine-tune GST rates, encouraging businesses to stay informed for optimal financial planning.