Simplified Explanation of Notification No. 6/2022-Central Tax (Rate) Heading: Amendments to CGST Rate Schedule for Goods Overview: Notification No. 6/2022-Central Tax (Rate) updates the Central Goods and Services Tax (CGST) rate schedule for various goods by amending the earlier Notification No. 1/2017-Central Tax (Rate). The changes include adjustments to tax …
Simplified Explanation of Notification No. 7/2022-Central Tax (Rate) Heading: Amendments to CGST Exempt Goods List Overview: Notification No. 7/2022-Central Tax (Rate) updates the list of goods exempt from Central Goods and Services Tax (CGST) by amending the previous Notification No. 2/2017-Central Tax (Rate). These changes clarify which goods are exempt …
Simplified Explanation of Notification No. 8/2022-Central Tax (Rate) Heading: Amendment to GST Rate for Specific Petroleum & Exploration Supplies Overview: Notification No. 8/2022-Central Tax (Rate) updates the concessional GST rate applicable to certain intra-state supplies related to petroleum and exploration industries. This notification revises the GST rate specified in a …
Simplified Explanation of Notification No. 9/2022-Central Tax (Rate) Heading: Amendment to GST Refund Rules for Specified Goods Overview: Notification No. 9/2022-Central Tax (Rate) updates the rules regarding the refund of unutilized Input Tax Credit (ITC) for certain goods. This amendment revises which goods are eligible for refund under GST when …
Simplified Explanation of Notification No. 11/2022-Central Tax (Rate) Heading: Rescission of GST Exemption for Certain Institutions Overview: Notification No. 11/2022-Central Tax (Rate) rescinds an earlier notification that provided GST exemptions on certain supplies to specified institutions. This change will affect the tax treatment of these supplies going forward. Key Details: …
Simplified Explanation of Notification No. 16/2022 – Central Tax Heading: Update on Composition Levy for Fly Ash Products Overview: Notification No. 16/2022 amends the rules related to the Composition Levy under the Central Goods and Services Tax (CGST) Act. This change affects the tax rate and conditions for certain products …
Simplified Explanation of Notification No. 17/2022 – Central Tax Heading: Revised Threshold for Tax Invoice Preparation Overview: Notification No. 17/2022 revises the threshold limit for preparing tax invoices by registered persons under the Central Goods and Services Tax (CGST) Rules. Key Details: Amendment Overview: The notification amends a previous notification …
Simplified Explanation of Notification No. 23/2022 – Central Tax Context: Notification No. 23/2022 deals with anti-profiteering measures under the Central Goods and Services Tax (CGST) Act. It involves the role of the Competition Commission of India (CCI) in ensuring that benefits from tax credits or rate reductions are passed on …
Simplified Explanation of Notification No. 24/2022 – Central Tax Context: Notification No. 24/2022 amends the Central Goods and Services Tax (CGST) Rules, 2017. These amendments affect various rules and definitions related to GST procedures. Key Changes: Omission of Rules: Rule 122: Removed from the CGST Rules. Rules 124 and 125: …
Simplified Explanation of Notification No. 1/2022-Service Tax Context: This notification pertains to the service tax on “light-dues” collected under the Lighthouse Act for a specific period. What’s the Issue? During the period from July 1, 2012, to June 30, 2017, there was a common practice of not charging service tax …