CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Mon, 15 Jul 2024 04:56:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 CBIC Updates GST Rates on Goods Following 53rd GST Council Meeting Recommendations https://www.nyca.in/cbic-updates-gst-rates-on-goods-following-53rd-gst-council-meeting-recommendations/ https://www.nyca.in/cbic-updates-gst-rates-on-goods-following-53rd-gst-council-meeting-recommendations/#respond Mon, 15 Jul 2024 04:56:44 +0000 https://www.nyca.in/?p=12342 CBIC revises GST rates effective July 15, 2024, as per the 53rd GST Council Meeting recommendations. Key changes include new rates for milk cans, cartons, boxes, and solar cookers. Learn more about the updated GST rates and their impact.

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Background:

The 53rd Meeting of the GST Council was held on June 22, 2024, in New Delhi, where changes to the GST rates of certain goods were recommended:

  • All milk cans (made of steel, iron, and aluminium) will now attract a GST rate of 12%.
  • The GST rate for cartons, boxes, and cases of both corrugated and non-corrugated paper or paper board (HSN 4819 10; 4819 20) will be reduced from 18% to 12%.
  • All solar cookers, whether single or dual energy source, will attract a GST rate of 12%.

Notification:

The CBIC, via Notification No.02/2024 – Central Tax (Rate) dated July 12, 2024, exercised its powers under sub-section (1) of Section 9 and sub-section (5) of Section 15 of the CGST Act to amend Notification No.1/2017-Central Tax (Rate) dated June 28, 2017. The changes are effective from July 15, 2024, as follows:

  • Cartons, boxes, and cases of:
  • Corrugated paper or paper board (HSN 4819 10)
  • Non-corrugated paper or paper board (HSN 4819 20)
  • New GST rate: 6%
  • Milk cans made of:
  • Iron (HSN 7310)
  • Steel (HSN 7323)
  • Aluminium (HSN 7612 or 7615)
  • New GST rate: 6%
  • Solar cookers (HSN 7321 or 8516):
  • New GST rate: 6%
  • Other agricultural, horticultural, forestry, poultry-keeping or bee-keeping machinery, including germination plants fitted with mechanical or thermal equipment; poultry incubators and brooders; parts thereof (HSN 8436):
  • Old GST rate: 6%
  • New GST rate: -
  • All goods (except cartons, boxes, and cases of corrugated or non-corrugated paper or paper board) (HSN 4819 except 4819 10, 4819 20):
  • New GST rate: 9%
  • Tanks, casks, drums, cans, boxes, and similar containers (for any material other than compressed or liquefied gas) of iron or steel, with a capacity not exceeding 300 liters, whether or not lined or heat-insulated, but not fitted with mechanical or thermal equipment; other than milk cans made of iron or steel (HSN 7310):
  • New GST rate: 9%
  • Stoves, ranges, grates, cookers (including those with subsidiary boilers for central heating), barbecues, braziers, gas-rings, plate warmers, and similar non-electric domestic appliances and parts thereof, of iron or steel (HSN 7321) (excluding kerosene burners, kerosene stoves, wood-burning stoves, and solar cookers):
  • New GST rate: 9%
  • Aluminium casks, drums, cans, boxes, etc. (excluding milk cans made of aluminium) (HSN 7612):
  • New GST rate: 9%
  • All goods (excluding table, kitchen, or other household articles of aluminium; utensils; milk cans made of aluminium) (HSN 7615):
  • New GST rate: 9%
  • Electric instantaneous or storage water heaters and immersion heaters; electric space heating apparatus and soil heating apparatus; electro thermic hair-dressing apparatus (e.g., hair dryers, hair curlers, curling tong heaters) and hand dryers; electric smoothing irons; other electro-thermic appliances used for domestic purposes (excluding solar cookers); electric heating resistors (excluding those of heading 8545) (HSN 8516):
  • New GST rate: 9%

Effect of the Notification:

The CBIC has amended the base GST rate notification, changing the GST rate for all milk cans made of steel, iron, and aluminium to 6% instead of 9%, reducing the GST rate for cartons, boxes, and cases of both corrugated and non-corrugated paper or paperboard to 6% instead of 9%, and setting the GST rate for all solar cookers to 6%.

Similar notifications have been issued under the Integrated Goods and Services Tax Act, 2017 (IGST Act) and the Union Territory Goods and Services Tax Act, 2017 (UTGST Act).

For Notification No.02/2024 – CGST (Rate), IGST (Rate), and UTGST (Rate):
CLICK HERE

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