📢 𝗚𝗦𝗧 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟬𝟱/𝟮𝟬𝟮𝟰 - 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝗧𝗮𝘅 (𝗥𝗮𝘁𝗲) The Ministry of Finance has issued Notification No. 05/2024, introducing key changes to the Integrated Goods and Services Tax (IGST) rate schedules, effective from 10th October 2024.

🔍 𝗞𝗲𝘆 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀: 𝟱% 𝗧𝗮𝘅 𝗥𝗮𝘁𝗲: New entries have been added for life-saving drugs used in cancer treatment: Trastuzumab Deruxtecan Osimertinib Durvalumab

𝟭𝟮% 𝗧𝗮𝘅 𝗥𝗮𝘁𝗲: Inclusion of extruded or expanded savoury or salted products, excluding un-fried or un-cooked snack pellets. 𝟭𝟴% 𝗧𝗮𝘅 𝗥𝗮𝘁𝗲: Revision of snack pellet categories to include extruded or expanded products. Modification in the classification of seats (other than those for aircraft or motor vehicles).

𝟮𝟴% 𝗧𝗮𝘅 𝗥𝗮𝘁𝗲: Addition of seats used in motor vehicles. 📜 Details:

𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗜𝘀𝘀𝘂𝗲𝗱: 8th October 2024 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗙𝗿𝗼𝗺: 10th October 2024 𝗣𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼. 2/2024 - Integrated Tax (Rate)

𝗜𝗺𝗽𝗮𝗰𝘁: These amendments will affect various industries, including the pharmaceutical sector, snack food manufacturing, and automotive seating. Businesses must ensure compliance with the revised tax rates, particularly for newly listed items under each schedule.