Key Amendments in Integrated Tax Rates for Services
Scope of Amendments:
G.S.R. (E) exercises powers under the Integrated Goods and Services Tax Act, 2017, amending rates specified in the notification (No.8/2017-Integrated Tax).
Changes in Entry 3:
Omission of items (iii), (iv), (v), (va), (vi), and (ix) with corresponding entries.
Substitution of entry (vii) and (x) with a revised tax rate of 12%.
Alterations in Entry 8:
Inclusion of passenger transport by ropeways with a 5% tax rate.
Revision in tax rates for other passenger transport services (vii) to 18%.
Revised Entry 9:
Substitution of item (iii) related to Goods Transport Agency (GTA) services.
Introduction of new conditions for the GTA option to pay GST during a financial year.
New Entry for Ropeway Transport:
Addition of entry (via) for the transport of passengers by ropeways with a 5% tax rate.
Effective Date:
The amendments are effective from the 18th of July, 2022, aligning with the government's commitment to dynamic tax governance.
Clarifications for GTA Services:
Detailed conditions for GTA services, specifying conditions for GST payment options and related input tax credits.
Note: These revisions reflect the government's efforts to refine tax rates for various services, ensuring clarity, and facilitating compliance.