Government Amends CGST Act - Notification Summary

Introduction: Amendments made to CGST Act (12 of 2017) through Notification No. 26/2018-Central Tax (Rate) dated 31st December 2018.

Changes in Notification: In the opening paragraph, the phrase "paragraph 4.41" replaced with "paragraph 4.40." Explanation amended: Clause (a) redefines "Foreign Trade Policy" as per the 2023 policy. Clause (b) redefines "Handbook of Procedures" following the 2023 handbook.

Effective Date: The amendments are effective from 27th July 2023.

Issuing Authority: Issued by Nitish Karnatak, Under Secretary to the Government of India.

Background: The principal notification, No. 26/2018, was last amended on 30th September 2019.

Key Terminology: "Foreign Trade Policy 2023" refers to the policy effective from 31st March 2023. "Handbook of Procedures" pertains to the procedures effective from 1st April 2023.

Impact: These changes aim to align with the latest Foreign Trade Policy and Handbook of Procedures, ensuring updated regulatory compliance.

Note: The provided information is a summary; for detailed understanding, refer to the official notification.