Rule Revision:
G.S.R (E) exercises powers under various sections of the CGST Act, 2017, amending the June 28, 2017, notification (No. 12/2017-Central Tax).
Exemption Explanation:
A new explanation is introduced against S. No. 12, clarifying the exemption for services related to renting a residential dwelling to a registered person.
Scope of Exemption:
The exemption covers situations where the registered person, as a proprietor of a proprietorship concern, rents a residential dwelling for personal use as their own residence.
Personal Account Usage:
Emphasizes that such renting is on the registered person's personal account, not that of the proprietorship concern.
Omission of S. No. 23A:
S. No. 23A and its entries are omitted, indicating changes in the services covered under this section.
Effective Date:
The amendment comes into force from January 1, 2023, providing businesses with time to adjust their operations accordingly.
Government Decision:
The amendment reflects the government's commitment to clarity and precision in tax regulations.
Note: This change aims to streamline the taxation process related to renting residential dwellings, ensuring fair application and compliance.