Government Revises Integrated Tax Rates: Key Highlights

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.9/2017-Integrated Tax).

Changes in Entry 6, 7, 8, 9, 13: Omission of specific services by speed post, express parcel post, life insurance, and agency services for entities other than the Central Government, State Government, or Union territory. Exclusion of residence renting to a registered person from entry 13.

Revised Entry 16: Modification in air travel economy class criteria, focusing on airports in specified states.

Exclusions and Omissions: Removal of entries 15, 21 (clause d), 22 (clauses b and c), 27, 33, 34, 42, 49A, and 53 for streamlined taxation.

Introduction of Entry 25C: Inclusion of services by the Department of Posts for post card, inland letter, book post, and ordinary post (envelopes weighing less than 10 grams) with nil tax.

Multiple Omissions for Simplicity: Removal of entries 54 and others for a simplified tax structure.

Effective Date: The amendments are effective from the 18th of July, 2022, aligning with the government's commitment to dynamic tax governance.

Note: These revisions demonstrate the government's ongoing efforts to fine-tune tax rates for various services, ensuring clarity and compliance.