𝗚𝗢𝗩𝗘𝗥𝗡𝗠𝗘𝗡𝗧 𝗢𝗙 𝗜𝗡𝗗𝗜𝗔 𝗥𝗲𝗺𝗼𝘃𝗲𝘀 𝗚𝗦𝗧 𝗘𝘅𝗲𝗺𝗽𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗠𝗲𝘁𝗮𝗹 𝗦𝗰𝗿𝗮𝗽 𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿𝘀 📢 New Notification on GST Applicability:

"Businesses engaged in the supply of metal scrap, classified under Chapters 72 to 81 of the Customs Tariff Act, 1975, will no longer benefit from the GST exemption outlined in previous notifications."

🔍 𝗞𝗲𝘆 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗜𝘀𝘀𝘂𝗲𝗱 𝗯𝘆: Ministry of Finance, Department of Revenue 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: No. 24/2024-Central Tax 𝗦𝗰𝗼𝗽𝗲: This amendment applies to businesses supplying metal scrap, removing the GST exemption granted under Notification No. 5/2017-Central Tax.

⚖️ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: The amendment ensures that businesses involved in the supply of metal scrap will now be subject to GST, promoting greater revenue compliance. By removing the exemption, the government brings this category of suppliers under the taxable bracket, ensuring more uniform tax application across sectors.

📜 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 24/2024-Central Tax 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: 10 October 2024 𝗥𝗲𝗹𝗲𝘃𝗮𝗻𝘁 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: Removes GST exemption for metal scrap suppliers, bringing them under the taxable category.

This notification marks a significant change in the GST framework, impacting businesses dealing with scrap metal and encouraging full compliance with tax regulations.