Objective:
Amendments to Notification No. 13/2017-Central Tax (Rate), dated 28th June 2017, under the Central Goods and Services Tax Act, 2017.
Nature of Amendment:
Changes in Annexure III, specifically targeting entities transitioning from forward charge to reverse charge mechanism during the Financial Year.
Modification Details:
Substitution of the phrase "during the Financial Year under forward charge" with "from the Financial Year under forward charge and have not reverted to reverse charge mechanism."
Effective Date:
The amendment becomes effective from 27th July 2023.
Issuing Authority:
Released by Rajeev Ranjan, Under Secretary to the Government of India.
Background:
Refers to the principal notification No. 13/2017, emphasizing the evolving nature of tax regulations.
Key Focus:
The amendment addresses nuances in the charge mechanisms, ensuring clarity and compliance.
Note: This condensed summary aims for clarity and easy comprehension. Refer to the official notification for comprehensive details.