CBIC notifies Revised GST Rates and Customs Duties with Immediate Effect [Read Notification]

The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised Goods and Services Tax (GST) rates and Customs duties as per the recommendations of the GST Council Meeting  (Read Key Highlights).

The revision notification revises the rate of Rab, other than pre-packaged and labelled(Liquid Jaggery), “Jaggery of all types including Cane Jaggery (gur), Palmyra Jaggery, pre-packaged and  labelled; Khandsari Sugar, pre-packaged and labelled; Rab, pre-packaged and labelled, Pencil Sharpeners, Coal rejects supplied to a coal washery or by a coal washery, arising out of coal on which compensation cess has been paid and input tax credit thereof has not been availed by any person and A device such as tag, tracking device or data logger already affixed on the container at the time of import shall also be eligible for exemption from the duty of customs and the integrated tax as is available to the said container under this notification.”

The GST Council Meeting had proposed the changes as above and the same has been notified by the Central Board of Indirect Taxes and Customs, with effect from March 1, 2023.

The major decisions of the meeting include: –

1. Nil GST Rate on ‘Loose Rab’, 5% on Packaged Rab
2. GST Rate on Pencil Sharpener reduced to 12% from 18%
3. Clearance of GST Compensations due to States
4. Reduced Late Fee for Annual Return Up to 5 Crore Rs. 25/day subject to maximum of 0.02% of turnover. 
5. For Taxpayers having TO of 5 cr to 20 cr, Late fee would be Rs. 50/day subject to maximum of 0.02% of turnover. Same shall be applicable from FY 2022-2023.
6. Two Reports of GoM Accepted including Special Composition Scheme for certain Industries
7. GST Tribunal Composition agreed upon with Slight Language Modification as required in Report of GoM
8. GST clarified to be applicable to certain Services provided by Courts and Tribunals under Reverse Charge Mechanism (RCM).

Read More: –

GST Council slashes Tax Rate on Loose Rab Jaggery to Nil, Packaged and Labelled Rab to Attract 5% GST

GST Council Meeting rationalises Late fee for belated filing of Annual GST Returns in FORM GSTR-9

GST Council Meeting lowers GST Rate on Pencil Sharpener to from 18% to 12%

GST Council Meeting: Entire Balance of GST Compensation due to States to be cleared Today

Consensus Reached on Composition of GST Tribunal, Language Modifications needed on GoM recommendation: GST Council

Major GST Rate Changes and Exemptions recommended by 49th GST Council Meeting

49th GST Council Meeting Clarifies GST Levy on Services provided by Courts

To Read the full text of the Order CLICK HERE

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Notification Number : CBIC-190354/21/2023-TO(TRU-II)-CBEC] , 28 / February / 2023