The Central Government, under the CGST Act, introduces amendments to taxation rates for raw cotton.
Raw cotton, previously exempt only for agriculturists, is now eligible for exemption for any registered person.
Effective from November 15, 2017, this change aims to streamline tax provisions for raw cotton transactions.
The amendment enhances flexibility and facilitates smoother trade in the raw cotton market.
Published in the Gazette of India, these amendments uphold transparency and clarity in taxation policies.
The revision reflects the government's commitment to fostering a conducive environment for the agricultural and textile sectors.
This initiative aligns with the broader goal of promoting economic growth and simplifying tax regulations.