𝗚𝗢𝗜 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗚𝗦𝗧 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗣𝗲𝘁𝗿𝗼𝗹𝗲𝘂𝗺 𝗚𝗮𝘀 𝗮𝗻𝗱 𝗛𝘆𝗱𝗿𝗼𝗰𝗮𝗿𝗯𝗼𝗻𝘀

📢 𝗧𝗵𝗲 𝗠𝗶𝗻𝗶𝘀𝘁𝗿𝘆 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗿𝘂𝗹𝗲𝗱: Nitish Karnatak, Under Secretary, Ministry of Finance "Revised tax classifications for petroleum gas and gaseous hydrocarbons under specific heading codes with adjustments to the 2.5% tax rate category."

🔍 𝗙𝗮𝗰𝘁𝘀: 𝗜𝘀𝘀𝘂𝗲: The Central Government, under the IGST Act, 2017, updated tax rate classifications for goods falling under codes 2711 12 00, 2711 13 00, and 2711 19 10, which cover petroleum gases and hydrocarbons. 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: Adjustments were made to Schedule I of the Integrated Tax (Rate) notification to include these products under the 2.5% tax rate.

⚖ 𝗗𝗲𝗰𝗶𝘀𝗶𝗼𝗻: The government, based on the GST Council's recommendations, ensured that certain petroleum gases and hydrocarbons are classified under the 2.5% tax bracket, offering clarity on their tax treatment.

📜 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗧𝗶𝘁𝗹𝗲: Notification No. 01/2024-Integrated Tax (Rate) 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 01/2024 𝗢𝗿𝗱𝗲𝗿 𝗗𝗮𝘁𝗲: 3rd January 2024 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 4th January 2024

This amendment ensures that petroleum gases and gaseous hydrocarbons are appropriately classified for tax purposes, aligning their tax rates under the IGST framework.