Official Notification:
Government revises GST rates under the Central Goods and Services Tax Act, 2017, based on Council recommendations.
Cancellation of Rates:
Serial number 225 with related entries in Schedule I (2.5%) is omitted.
New Inclusion:
Schedule II sees a new entry after serial number 171:
"171A - Footwear of sale value not exceeding Rs. 1000 per pair" at 6%.
Effective Date:
The amendments are effective from January 1, 2022.
Footwear Taxation Adjustment:
Footwear with a sale value below Rs. 1000 per pair moves to the 6% tax slab.
Legislative History:
Original notification No. 01/2017-Central Tax (Rate) dated June 28, 2017, has undergone multiple amendments, with the latest on December 28, 2021.
Official Statement:
Gaurav Singh, Deputy Secretary to the Government of India, issues the directive.
Impact on Businesses:
Businesses dealing with the affected categories need to adapt to the revised GST rates starting the new year.