Amendment to UTGST Act: Seeds for Sowing Exemption
Amendment Overview:
Notification issued to amend the UTGST Act, 2017, specifically altering provisions related to seeds, fruit, and spores intended for sowing.
Revised Entry:
Substitution of S. No. 86 in the Schedule of notification No. 2/2017, with new entries detailing seeds, fruit, and spores used for sowing purposes.
Scope of Exemption:
Exemption applies exclusively to seeds, fruit, and spores utilized for sowing, explicitly excluding seeds designated for purposes other than sowing.
Effective Date:
Amendment effective from October 1, 2021, influencing transactions from the specified date onwards.
Issuing Authority:
Notification issued under the authority of Rajeev Ranjan, Under Secretary to the Government of India, ensuring official endorsement.
Rationale Behind Amendment:
Intended to streamline and clarify tax exemptions concerning agricultural inputs, promoting agricultural activities and supporting farmers.
Continued Regulatory Updates:
Reflects the government's commitment to periodically review and refine tax regulations to align with evolving economic and agricultural needs.