G.S.R (E) Notification:
The Government, utilizing sub-rule (4) of rule 48 of the CGST Rules, 2017, issues a notification (G.S.R (E)).
Amendment to Notification 13/2020 – Central Tax:
The amendment impacts Notification No. 13/2020 – Central Tax, dated 21st March 2020.
Change in Threshold Limit:
Effective from 1st August 2023, the amendment alters the threshold limit mentioned in the first paragraph of the notification.
Old Threshold:
The original threshold of "ten crore rupees" is replaced with a new threshold of "five crore rupees."
Issued by Director Alok Kumar:
The amendment is formally signed and issued by Director Alok Kumar, indicating official approval.
Principal Notification Details:
Reference to the principal notification (No. 13/2020 – Central Tax) provides a historical context, and its previous amendment (No. 17/2022-Central Tax) is acknowledged.
Continuous Regulatory Adjustments:
The series of amendments underscores the dynamic nature of tax regulations, adapting to economic and business landscape changes.
Council Recommendations Considered:
The amendment aligns with the recommendations of the Council, emphasizing collaborative policymaking to address evolving fiscal scenarios.