𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗼𝗳 𝗧𝗮𝘅 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝗚𝗮𝘀𝗲𝗼𝘂𝘀 𝗖𝗼𝗺𝗺𝗼𝗱𝗶𝘁𝗶𝗲𝘀 📢 The Government of India updates GST classifications:

"New entries for liquefied petroleum gas and similar hydrocarbons have been introduced in Schedule I (2.5%) under Notification No. 01/2024-Central Tax (Rate), aligning GST with the correct tariff codes."

🔍 𝗙𝗮𝗰𝘁𝘀: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝘃𝗶𝘀𝗲𝗱: 01/2024-Central Tax (Rate) 𝗘𝗻𝘁𝗿𝗶𝗲𝘀 𝗠𝗼𝗱𝗶𝗳𝗶𝗲𝗱 𝗶𝗻 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗜 – 𝟮.𝟱%: o 𝟮𝟳𝟭𝟭 𝟭𝟮 𝟬𝟬 o 𝟮𝟳𝟭𝟭 𝟭𝟯 𝟬𝟬 o 𝟮𝟳𝟭𝟭 𝟭𝟵 𝟭𝟬

These codes correspond to liquefied petroleum gases and other hydrocarbons, ensuring accurate alignment with the Customs Tariff Act.

⚖️ 𝗜𝗺𝗽𝗮𝗰𝘁: This amendment promotes compliance by aligning GST rates with current tariff classifications. It ensures that businesses dealing in these commodities apply the correct GST rates, improving tax transparency and reducing interpretation errors.

📜 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 01/2024-Central Tax (Rate) 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 4 January 2024 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗮𝗹 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗳𝗲𝗿𝗲𝗻𝗰𝗲: 1/2017-Central Tax (Rate) 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘇𝗲𝗱 𝗯𝘆: Nitish Karnatak, Under Secretary

This amendment ensures correct GST applicability for specific gas commodities, fostering consistent tax compliance across the industry.