Government Adjusts Tax Rates for Integrated Goods and Services
Tax Rate Amendment:
G.S.R. (E) issues modifications under the IGST Act, 2017, altering tax rates for specific goods and services.
Key Amendment:
Noteworthy adjustment pertains to serial number 1 in the original notification (No. 3/2017-Integrated Tax), changing the applicable tax rate from the existing entry to "12%."
Effective Date:
Changes become effective from July 18, 2022, ensuring recent adjustments in tax implications.
Administrative Directive:
Under Secretary to the Government of India, Vikram Vijay Wanere, oversees and authorizes this tax rate modification.
Previous Amendments:
The Integrated Tax (Rate) notification has undergone changes previously, emphasizing the dynamic nature of tax regulations.
Industry Impact:
Businesses dealing with goods and services subject to IGST should stay informed to align with the adjusted tax rates.
Government's Focus:
The move aligns with the government's ongoing efforts to fine-tune tax structures for improved clarity and compliance.
Note: This amendment reflects the government's commitment to adapting tax policies to current economic scenarios.