The Central Board of Indirect Taxes & Customs (CBIC) on February 18, 2023, issued a notification relating to GST rates on Goods and Services based on the recommendations of the GST Council in its 49th Meeting.
It is stated that the Government of India has decided to clear the entire pending balance GST compensation of Rs. 16,982/- crores for June’2022 of the states mentioned in the table. Since there is no amount in the GST compensation Fund, the Centre decided to release this amount from its own resources, which will be recouped from the future compensation cess collection.
The following recommendations relating to GST rates on Goods and Services have been stated:
• The change in GST rates for ‘Rab’ from 18% to 5% - if sold pre-packaged & labelled and Nil - if sold otherwise.
• The change in GST rates for Pencil Sharpeners from 18% to 12%
• It was decided to suitably amend notification No. 104/94-Customs dated March 16, 1994, so that if a device like a tag-tracking device or data logger is already affixed on a container, no separate IGST shall be levied on such affixed device and the ‘nil’ IGST treatment available for the containers under notification No. 104/94-Customs shall also be available to such affixed device subject to the existing conditions.
• It has been decided to extend the exemption available to educational institutions and Central and State educational boards for the conduct of entrance examination to any authority, board, or body set up by the Central Government or State Government including the National Testing Agency for the conduct of entrance examination for admission to educational institutions.
The following measures for the facilitation of trade have been stated:
• Extension of time limit for application for revocation of cancellation of registration and one-time amnesty for past cases.
• Amendment to Section 62 of CGST Act, 2017 to extend timelines under sub-section (2) thereof and one-time amnesty for past cases.
• Rationalisation of Late fee for Annual Return.
• Amnesty in respect of pending returns in FORM GSTR-4, FORM GSTR-9 and FORM GSTR-10.
• Rationalization of provision of a place of supply of services or transportation of goods.
Disclaimer – Kindly view the notification for more details.
