𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗢𝗙 𝗜𝗡𝗗𝗜𝗔 𝗔𝗺𝗲𝗻𝗱𝘀 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗠𝗲𝘁𝗮𝗹 𝗦𝗰𝗿𝗮𝗽 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 📢 New Tax Regulation Introduced:

"Registered persons involved in the supply of metal scrap, under Chapters 72 to 81 of the Customs Tariff Act, 1975, are now subject to GST collection regulations starting October 10, 2024."

🔍 𝗞𝗲𝘆 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗜𝘀𝘀𝘂𝗲𝗱 𝗯𝘆: Ministry of Finance, Department of Revenue 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: No. 25/2024-Central Tax (Amending Notification No. 50/2018) 𝗦𝗰𝗼𝗽𝗲: Adds metal scrap suppliers to the GST tax collection and registration framework, ensuring compliance under the CGST Act.

⚖️ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: This amendment inserts a new clause, ensuring that any registered person receiving or supplying metal scrap is subject to GST regulations. It modifies the existing framework by excluding other persons under the CGST Act from these obligations but maintains the requirements for those in the metal scrap sector.

📜 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 25/2024-Central Tax 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 10 October 2024 𝗥𝗲𝗹𝗲𝘃𝗮𝗻𝘁 𝗖𝗵𝗮𝗽𝘁𝗲𝗿𝘀: 72 to 81 of the Customs Tariff Act, 1975. This update reinforces the need for GST compliance in the metal scrap industry, closing prior gaps and expanding the tax regulation framework.