GST Amendment: Refund Eligibility for Imitation Zari Thread
Scope Expansion:
The Central Government, under GST Act provisions, broadens refund eligibility for imitation zari thread or yarn made from metallised polyester/plastic film.
New Entry in the Table:
A new entry, S.No. 6AA under tariff item 5605, is added to the existing table in the notification. This inclusion specifies the eligibility for refund of input tax credit exclusively on polyester/plastic film.
Explanation for Clarity:
An explanatory note clarifies that the entry's applicability is limited to polyester film/plastic film for the purpose of input tax credit refund.
Effective Date:
The amendment takes effect from October 20, 2023, emphasizing the commencement date for the revised provisions.
Government Authority:
The amendment is issued by Vikram Wanere, signifying the official endorsement of the Central Government.
Benefit for Businesses:
Businesses dealing with imitation zari thread production can benefit from this amendment by claiming input tax credit refunds.
Industry Adaptation:
Textile and related industries need to adapt to this change, ensuring compliance with the updated GST provisions for refund claims.
Note: Detailed information is available in the official notification G.S.R. (E).