Key Amendments in Union Territory GST Rates (Part 1): A Quick Overview
Introduction:
Amendments introduced in Union Territory GST Rates under the UTGST Act, 2017.
Changes in Services:
Omission of specific services under serial number 3, affecting items (iii), (iv), (v), (va), (vi), and (ix).
Revision in Tax Rates:
Adjustment of tax rates for items (vii) and (x) under serial number 3, now set at "6."
Modification in Passenger Transport:
Introduction of new entry (via) under serial number 8 for ropeway passenger transport with a tax rate of "2.5."
Alteration in GTA Services:
Significant changes in Goods Transport Agency (GTA) services under serial number 9, with revised tax rates and conditions.
Addition of New GTA Entry:
Inclusion of a new entry (via) under serial number 9 for ropeway goods transport with a tax rate of "2.5."
Declaration and Transitional Provisions:
Introduction of Annexure V for GTA to declare the option to pay GST on its supplies.
Transitional provisions allowing the issuance of invoices before exercising the option for the financial year 2022-2023.
Businesses should carefully review these amendments to ensure compliance with the updated Union Territory GST Rates.