Key Amendments in GST Rates and Services: Notification No. 11/2017-Central Tax (Rate)
Government's Authority:
G.S.R. (E) utilizes powers under sub-sections (1), (3), and (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15, sub-section (1) of section 16, and section 148 of the CGST Act, 2017.
Targeted Amendments:
Changes made to Notification No. 11/2017-Central Tax (Rate) for public interest enhancement based on Council recommendations.
Alterations in the Table:
Serial Number 3: Omission of specific items and corresponding entries; adjustment of tax rates for certain items.
Serial Number 7: Modification in item (i) by removing the threshold condition.
Serial Number 8: Introduction of a new item (via) related to ropeway passenger transport; amendment in item (vii) for other passenger transport services.
Goods Transport Agency (GTA) Services (Serial Number 9):
Substitution of item (iii) related to GTA services, providing clarity on GST payment options and conditions.
Introduction of Annexure V for GTA to declare the option for the Financial Year, ensuring transparency and compliance.
Effective Implementation:
The amendments take effect as per the notification, influencing tax rates and service provisions.
Time-bound Exercise of Option:
GTA must exercise the option to pay GST on its services on or before specific dates for each financial year.
Transitional Provision:
Provision allowing the issuance of invoices during a specified period before exercising the option for the upcoming financial year.
Note: Businesses and individuals affected by these changes should review and adjust their tax compliance strategies accordingly.