Key Amendment in Indirect Taxation:
The Central Government exercises powers under the IGST Act, 2017, recommending amendments superseding the previous notification (No.14/2021).
Schedule I Adjustment:
Omission of serial number 225 and associated entries in Schedule I, affecting the tax rate of certain goods.
Introduction of Footwear Category:
Schedule II sees a new entry, serial number 171A, introducing a 12% tax rate for footwear with a sale value not exceeding Rs.1000 per pair.
Effective Date - January 1, 2022:
The amended rates and classifications are set to be effective from January 1, 2022.
Streamlining Taxation for Footwear:
The specific inclusion of affordable footwear in Schedule II reflects an effort to streamline and rationalize tax rates, aligning with market dynamics.
Government's Commitment to Clarity:
This move underscores the government's commitment to maintaining clarity and adapting tax structures to evolving economic scenarios.
Deputy Secretary's Approval:
The notification, authorized by Deputy Secretary Gaurav Singh, signifies official government sanction for implementing tax amendments and maintaining regulatory order.