𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗢𝗙 𝗜𝗡𝗗𝗜𝗔 𝗔𝗺𝗲𝗻𝗱𝘀 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗜𝗧𝗖 𝗥𝗲𝗳𝘂𝗻𝗱 𝗳𝗼𝗿 𝗜𝗺𝗶𝘁𝗮𝘁𝗶𝗼𝗻 𝗭𝗮𝗿𝗶 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀 📢 𝗡𝗲𝘄 𝗧𝗮𝘅 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗲𝗱: "A new provision allows the refund of input tax credit (ITC) on metallized polyester/plastic film used in the production of imitation zari threads and yarn, effective from October 20, 2023.

🔍 𝗞𝗲𝘆 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: • Issued by: Ministry of Finance, Department of Revenue • 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: No. 20/2023-Central Tax (Rate) (Amending Notification No. 5/2017)

• 𝗦𝗰𝗼𝗽𝗲: Expands the list of eligible items for ITC refunds to include imitation zari thread or yarn made from metallized polyester/plastic film. ⚖️ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: The amendment ensures that manufacturers of imitation zari threads can claim refunds on the input tax credit specifically for polyester or plastic film used in the production process, providing financial relief and improving tax efficiency in the industry.

📜 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: • 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 20/2023-Central Tax (Rate) • 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 20 October 2023 • 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝗯𝗹𝗲 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀: Imitation zari thread or yarn made from metallized polyester/plastic film.

This update benefits zari product manufacturers by streamlining the tax refund process and improving cash flow for businesses involved in this production sector.