GST Amendment: Changes in Tax Rates for Packaged Goods
Amendment Overview:
G.S.R. (E) introduces modifications to GST rates under section 11 of the CGST Act, 2017.
Nature of Changes:
Alterations primarily focus on pre-packaged and labelled goods in the existing Schedule of the notification.
Key Revisions:
Specific items, when pre-packaged and labelled, undergo changes in GST rates.
Notable modifications for items like curd, lassi, butter milk, jaggery, and more.
Exclusion of Items:
Certain items, previously listed in S. Nos. 118, 122, 141, and related entries, are omitted.
Definition Clarification:
Explanation section redefines "pre-packaged and labelled," aligning it with the Legal Metrology Act, 2009.
Effective Date:
The revised provisions are effective from July 18, 2022, requiring businesses to adhere to the updated tax rates.
Government's Intent:
The amendments aim to provide clarity and ensure that tax rates reflect the nature of packaging for various goods.
Note: Businesses dealing with the specified goods must promptly adjust their systems to comply with the updated tax rates, contributing to a more transparent taxation system.