New Amendments in Union Territory Tax Rates Explained
Updated provisions under UTGST Act, 2017, now cover services of music composers, photographers, and artists transferring copyrights to music companies or producers.
A new entry, "9A," highlights services of authors transferring copyrights to publishers, subject to certain conditions and declarations.
Amendments also introduce tax rates and conditions for renting motor vehicles to body corporates and lending securities under SEBI's Securities Lending Scheme.
These changes, effective from October 1, 2019, aim to streamline tax regulations and ensure compliance in the Union Territories.
Authors opting to pay tax under forward charge must submit declarations as outlined in Annexure I.
The amendments reflect the government's commitment to refining tax laws and promoting transparency in service transactions.
Compliance with the updated regulations is essential for stakeholders in the affected industries.