Introduction:
Recent amendments to the CGST Act (12 of 2017) outlined in Notification No. 1/2017-Central Tax (Rate) dated 28th June 2017.
Changes in Schedule I (Taxable at 2.5%):
Addition of entries:
Un-fried or un-cooked snack pellets manufactured through extrusion (S. No. 99B).
Fish soluble paste (S. No. 108A).
Linz-Donawitz (LD) Slag (S. No. 156B).
Imitation zari thread or yarn (S. No. 218AA).
Revised Rates in Schedules II and III:
Metallised yarn updated to 6% (S. No. 137, Schedule II).
In Schedule III (Taxable at 9%), changes include substituting entries related to toasted bread and introducing a new entry for slag waste.
Effective Date:
The amendments are effective from 27th July 2023.
Issuing Authority:
Issued by Nitish Karnatak, Under Secretary to the Government of India.
Background:
Principal notification No. 1/2017 was last amended, emphasizing ongoing updates.
Key Terminology:
Specific details include actionable claims, extrusion-manufactured snacks, fish soluble paste, LD slag, and imitation zari thread.
Note: This summary provides a condensed overview. Refer to the official notification for comprehensive details.