📰 𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗢𝗙 𝗜𝗡𝗗𝗜𝗔 𝗔𝗺𝗲𝗻𝗱𝘀 𝗧𝗮𝘅 𝗥𝗮𝘁𝗲 𝘂𝗻𝗱𝗲𝗿 𝗨𝗻𝗶𝗼𝗻 𝗧𝗲𝗿𝗿𝗶𝘁𝗼𝗿𝘆 𝗚𝗦𝗧

📢 New Tax Rate Amendment Introduced: "The tax rate has been reduced from 0.5% to 0.25% under the Union Territory GST Act, 2017, effective from 10th July 2024."

🔍 𝗞𝗲𝘆 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗜𝘀𝘀𝘂𝗲𝗱 𝗯𝘆: Ministry of Finance, Department of Revenue 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝘂𝗺𝗯𝗲𝗿: 01/2024 - Union Territory Tax 𝗦𝗰𝗼𝗽𝗲: This amendment revises the tax rate on specific goods or services under the Union Territory Goods and Services Tax Act, 2017 (UTGST Act, 2017), reducing the rate from half per cent to 0.25 per cent.

⚖ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: The change aims to streamline taxation and improve compliance under the UTGST framework by reducing the applicable tax rates. Businesses operating in Union Territories will benefit from this adjustment, which enhances tax efficiency.

📜 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 01/2024 - Union Territory Tax 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 10 July 2024 𝗣𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗔𝗺𝗲𝗻𝗱𝗲𝗱: No. 12/2018-Union Territory Tax, dated 28th September 2018.

This update is a part of ongoing efforts to simplify the GST tax regime, making it more manageable for taxpayers while ensuring proper compliance.