Simplified Explanation of Notification No. 1/2024-Central Tax (Rate)
Heading: Amendment to CGST Rate Schedule for Certain Goods
Purpose of the Notification:
This notification updates the GST rate schedule by amending the entries related to specific goods under the 2.5% GST rate category.
Key Details:
- Amendment in GST Rate Schedule:
- Previous Notification: Notification No. 1/2017-Central Tax (Rate) dated June 28, 2017, which lists the GST rates applicable to various goods.
- Amendment Details:
- S. No. 165 and S. No. 165A in Schedule I for the 2.5% GST rate category are being updated.
- Old Entries: The specific goods mentioned under these S. No.s are being replaced.
- New Entries: The new entries for both S. No. 165 and S. No. 165A are updated to:
- 2711 12 00: Heavy oils and preparations (like lubricating oils).
- 2711 13 00: Kerosene.
- 2711 19 10: Other refined petroleum products.
- Effective Date:
- When: The changes will be effective from January 4, 2024.
Example:
- Scenario: A company deals with refined petroleum products and needs to apply the correct GST rate.
- Old Rate Application: Under the old schedule, products under certain HS codes (like those previously listed under S. No. 165) had different GST rate classifications.
- New Rate Application: With the new amendment, products with HS codes:
- 2711 12 00 (Heavy oils),
- 2711 13 00 (Kerosene),
- 2711 19 10 (Other refined products),
- Will now be categorized under the 2.5% GST rate.
Summary:
- What: GST rate schedule updated for certain goods.
- Who: Applies to businesses dealing with the specified HS codes.
- When: Effective from January 4, 2024.
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