Simplified Explanation of Notification No. 5/2023-Central Tax (Rate) Purpose: This notification updates the rules for opting to pay Goods and Services Tax (GST) for Goods Transport Agencies (GTA) and makes amendments to the Central GST rate schedule for services. Key Points: Amendments to Conditions for Opting GST Payment: New Deadline …
Simplified Explanation of Notification No. 10/2023-Central Tax Purpose: This notification amends the requirements for preparing tax invoices for businesses with a specified level of turnover. Key Points: Amendment to Threshold: Original Requirement: Previously, only registered persons with an aggregate turnover exceeding ₹10 crore in a financial year were required to …
Simplified Explanation of Notification G.S.R. 444(E) – Tribunal (Conditions of Service) Amendment Rules, 2023 Purpose: This notification updates the Tribunal (Conditions of Service) Rules, 2021 by adding a new provision related to the re-appointment of Tribunal members. Key Points: Title and Effective Date: Title: Tribunal (Conditions of Service) Amendment Rules, …
Simplified Explanation of Notification No. 6/2023-Central Tax (Rate) Purpose: This notification updates the rules and procedures related to the Central Goods and Services Tax (CGST) on certain services, particularly those involving Goods Transport Agencies (GTAs) and their option to switch between forward charge and reverse charge mechanisms for GST. Key …
Simplified Explanation of Notification No. 7/2023-Central Tax (Rate) Purpose: This notification updates the exemption rules for certain services under the Goods and Services Tax (GST) regime. Specifically, it revises the entry related to “Satellite launch services” to ensure its correct classification for exemption. Key Amendment: Update to Exempt Services List: …
Simplified Explanation of Notification No. 8/2023-Central Tax (Rate) Purpose: This notification updates the rules for applying the Reverse Charge Mechanism (RCM) to certain services under GST. Specifically, it amends how the reverse charge is applied based on the financial year. Key Amendment: Change in Terminology for Reverse Charge: Old Terminology: …
Simplified Explanation of Notification No. 9/2023-Central Tax (Rate) Purpose: This notification revises the GST rates for certain goods. It updates the GST rate schedules to include new items and adjust the rates for specific products. Key Amendments: Addition to GST Rate Schedules: Schedule I (2.5% Rate): New Items Added: Un-fried …
Simplified Explanation of Notification No. 10/2023-Central Tax (Rate) Purpose: This notification amends the existing rules regarding the exemption of tax on intra-state supplies of gold, silver, or platinum under certain conditions. It updates a previous notification to align with the latest Foreign Trade Policy and related procedures. Key Points: Amendment …
Simplified Explanation of Notification S.O. 3335(E) Purpose: This notification announces the appointment of a new member to the National Consumer Disputes Redressal Commission (NCDRC) under the Tribunals Reforms Act, 2021. Key Points: Appointment Details: Name: Air Vice Marshal Jonnalagadda Rajendra, AVSM VSM Position: Member of the National Consumer Disputes Redressal …
Simplified Explanation of Notification No. 28/2023-Central Tax Purpose: Notification No. 28/2023 specifies the commencement dates for various sections of the Finance Act, 2023. This notification details when specific provisions of the Finance Act will come into effect. Key Points: Commencement Dates: Sections 137 to 162 (except sections 149 to 154): …