Government Modifies Tax Rates for Integrated Goods and Services
Tax Rate Adjustments:
G.S.R. (E) exercises powers under the IGST Act, 2017, amending tax rates specified in the original notification (No. 2/2017-Integrated Tax).
Scope of Amendments:
Notable changes affect multiple entries, introducing the phrase "other than pre-packaged and labelled" to specify certain conditions.
Specific Amendments:
Various entries, such as curd, lassi, buttermilk, and jaggery, now have nuanced tax implications tied to pre-packaging and labeling.
Effective Date:
Changes become effective from July 18, 2022, signifying the government's commitment to periodic adjustments in tax structures.
Definition Inclusion:
The term 'pre-packaged and labelled' is defined in alignment with the Legal Metrology Act, 2009, emphasizing adherence to specific declarations.
Omitted Entries:
Entries related to S. Nos. 118, 122, 141, and others are omitted, streamlining the tax implications for clarity.
Government's Clarity Drive:
The amendment aims to enhance clarity and ease of compliance, contributing to the government's ongoing efforts in tax reform.
Note: These amendments underline the government's dynamic approach to fine-tuning tax regulations for effective governance.