GST Amendment Notification (05/2024) – Changes in Classification
Government Directive:
Notification No. 05/2024 – Central Tax amends the GST structure under sections 3 and 5 of the CGST Act.
Altered Notification:
Modifies the earlier notification No. 02/2017-Central Tax, dated June 19, 2017.
Table II Amendment:
Focuses on Table II, specifically serial number 83, in column (3), and introduces a new entry after "411060," as "411069,".
Issuing Authority:
Raghavendra Pal Singh, Director, Ministry of Finance, signs the directive.
Principal Notification Reference:
Highlights the original notification (G.S.R. 609(E), dated June 19, 2017) and its previous amendment (G.S.R. 612(E), dated August 17, 2023).
Effective Date:
The amendment is effective from the specified date, emphasizing immediate compliance.
Industry Impact:
Businesses dealing with the reclassified item (411069) should align with the revised GST classification.
Compliance Notice:
Signals a need for businesses to update their tax systems to reflect the altered classification.
Administrative Note:
Communicates the regulatory change to taxpayers and stakeholders.
Legal Basis:
Grounds the amendment in the provisions of the CGST Act and IGST Act, reinforcing its legal standing.
Succinct Language:
Conveys critical information in straightforward language for broad understanding.
Continuous Regulatory Evolution:
Illustrates the ongoing nature of GST regulations, highlighting the system's adaptability.
Facilitates Business Planning:
Businesses can use this information to strategize and ensure compliance with the updated GST framework.