GST Act Amendments Unveiled:
Central Government wields powers under sections 9 and 15 of the CGST Act, 2017.
Amendments, rooted in Council recommendations, target the notification dated June 28, 2017.
Adjustments in 6% Tax Category:
Removal of Schedule II, 6% tax slab, serial number 243 and its entries, streamlining the tax structure.
Alterations in 9% Tax Category:
Schedule III sees changes, specifically S. No. 452P, where words "in respect of Information Technology software" are omitted.
Official Endorsement:
Amendments bear the signature of Rajeev Ranjan, Under Secretary to the Government of India, emphasizing official authorization.
Effective Date:
Immediate effect of amendments, contributing to the regulatory framework, effective from January 1, 2022.
Historical Context:
Refers to the original notification of June 28, 2017, last amended on September 30, 2021, providing a historical context to the regulatory changes.
Regulatory Timeline:
Highlights that the principal notification underwent its latest amendment on September 30, 2021, showcasing the evolution of tax rates over time.