The Central Board of Indirect Taxes and Customs (CBIC) issued notice to the revised Goods and Services Tax (GST) rates and Customs duties as per the recommendations of the GST Council Meeting (Read Key Highlights).
The revision notification revises the GST rate of Rab, other than pre-packaged and labelled (Liquid Jaggery), “Jaggery of all types including Cane Jaggery (gur), Palmyra Jaggery, pre-packaged and labelled; Khandsari Sugar, pre-packaged and labelled; Rab, pre-packaged and labelled, Pencil Sharpeners, Coal rejects supplied to a coal washery or by a coal washery, arising out of coal on which compensation cess has been paid and input tax credit thereof has not been availed by any person and A device such as tag, tracking device or data logger already affixed on the container at the time of import shall also be eligible for exemption from the duty of customs and the integrated tax as is available to the said container under this notification.”
The Central Board of Indirect Taxes and Customs has announced the notifications that the GST Council Meeting had suggested, effective March 1, 2023.
The following are some of the meeting’s key decisions:
- Nil GST Rate on ‘Loose Rab’, 5% on Packaged Rab
- GST Rate on Pencil Sharpener reduced to 12% from 18%
- Clearance of GST Compensations due to States
- Reduced Late Fee for Annual Return Up to 5 Crore Rs. 25/day subject to a maximum of 0.02% of turnover.
- For the assessee who has T.O. of 5 cr to 20 cr, the Late fee would be Rs. 50/day subject to a maximum of 0.02% of turnover. The same shall be applicable from FY 2022-2023.
- Two Reports of GoM Accepted along with the Special Composition Scheme for certain Industries
- GST Tribunal Composition agreed on with Slight Language Modification as needed in Report of GoM
- GST is clarified to be applicable to certain Services provided by Courts and Tribunals under Reverse Charge Mechanism (RCM).
