The Central Board of Indirect Taxes and Customs (CBIC) vide notification no. No. 07/2023- Central Tax (Rate) G.S.R. 540(E), No. 07/2023-Integrated Tax (Rate) G.S.R. 541(E), and No. 07/2023-Union Territory Tax (Rate) G.S.R. 542(E) issued dated 26th July 2023 has reported the revision of GST exemption on the launch of the Satellite Vehicles.
On 11th July 2023, the 50th GST Council meeting conducted suggested the exemption of GST for the incorporation of the services of Satellite vehicles.
CGST Tax Rate
Utilizing the authority granted by sub-sections (3) and (4) of section 9, sub-section (1) of section 11, sub-section (5) of section 15, and section 148 of the Central Goods and Services Tax Act, 2017, the Central Government, on the recommendations of the Council, amended the notification of the Government of India, Ministry of Finance (Department of Revenue), No.12/2017-Central Tax (Rate), dated the 28th June 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 691(E), on the 28th June 2017, namely:
In the stated notification, in the Table, against serial number 19C, for the entry in column (3), the entry ‘Satellite Launch Services’ will get replaced.
IGST Tax Rate
Under the powers allotted under sub-section (3) and sub-section (4) of section 5, subsection (1) of section 6, and clause (xxv) of section 20 of the Integrated Goods and Services Tax Act, 2017, along with sub-section (5) of section 15 and section 148 of the Central Goods and Services Tax Act, 2017, the Central Government, post convinced of the necessity in the public interest, and established on the suggestions of the GST Council, hereby introduced the revision to the notification that the Government of India, Ministry of Finance (Department of Revenue) No.9/2017-Integrated Tax (Rate) issued on dated 28th June 2017.
In the expressed notification, in Table, – (a) against serial number 20C, for the entry in column (3), the ‘Satellite Launch Services’ will be replaced.
Union Territory GST Tax Rate
Through exercising the powers which are been granted under sub-section (3) and (4) of section 7, sub-section (1) of section 8, and clause (iv) and clause (xxvii) of section 21 of the Union Territory Goods and Services Tax Act, 2017, accompanied with sub-section (5) of section 15 and section 148 of the Central Goods and Services Tax Act, 2017, the Central government post being convinced of the requirement in the public interest and on the grounds of the suggestions of the council revised the notification provided via the Government of India, Ministry of Finance (Department of Revenue), No.12/2017-Union Territory Tax (Rate), on 28th June 2017.
In the stated notification, in the Table, against serial number 19C, for the entry in column (3), the ‘Satellite Launch Services’ will get replaced.
From 27th July 2023, the same notification will come into force.
