GST Act Amendments Unveiled:
Central Government exercises powers under sections 9 and 15 of the CGST Act, 2017.
Amendments, based on Council recommendations, focus on the notification dated June 28, 2017.
Schedule I Adjustments:
Omission of specified serial numbers in Schedule I, under 2.5% tax slab, streamlining the tax structure.
Revised 6% Tax Category:
Deletion and addition in Schedule II, 6% tax category, with a detailed list of woven fabrics and synthetic/ artificial filament yarn adjustments.
Inclusion of Textile Materials:
Specific insertion of serial numbers encompassing synthetic and artificial filament tow, staple fibres, yarns, and woven fabrics, providing clarity on tax applicability.
Omission and Insertion in Schedule II:
Removal and addition of entries in Schedule II, including details about sewing thread, fabrics of synthetic and artificial staple fibres.
Clarification on Specific Products:
Adjustment against serial number 139 brings clarity on taxed items, emphasizing "Twine, cordage, ropes, and cables."
Effective Date and Regulatory Authority:
Amendments effective immediately, from January 1, 2022, endorsed by Rajeev Ranjan, Under Secretary to the Government of India.