📢 𝗚𝗦𝗧 𝗨𝗽𝗱𝗮𝘁𝗲: 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼. 𝟬𝟲/𝟮𝟬𝟮𝟰 - 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲𝗱 𝗧𝗮𝘅 (𝗥𝗮𝘁𝗲) The Ministry of Finance has issued Notification No. 06/2024, introducing a significant update related to metal scrap transactions under GST. This notification comes into effect from 10th October 2024.

🔍 𝗞𝗲𝘆 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: Metal Scrap Transactions: 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝗯𝗹𝗲 𝗜𝘁𝗲𝗺𝘀: Metal scrap falling under Chapters 72 to 81 of the Customs Tariff Act. 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻: This amendment specifies that unregistered persons supplying metal scrap to registered persons will now be liable to GST. This change is part of the government's ongoing efforts to bring unregistered entities within the GST framework, especially in industries where metal scrap transactions are common.

📜 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗜𝘀𝘀𝘂𝗲𝗱 𝗕𝘆: Ministry of Finance (Department of Revenue) 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗡𝗼.: 06/2024 - Integrated Tax (Rate) 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗙𝗿𝗼𝗺: 10th October 2024 𝗣𝗿𝗲𝘃𝗶𝗼𝘂𝘀 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: Notification No. 4/2017, as last amended by Notification No. 22/2023

𝗜𝗺𝗽𝗮𝗰𝘁: This amendment is crucial for businesses involved in the metal scrap industry, as it places new GST compliance obligations on transactions between unregistered and registered persons. Businesses must ensure proper adherence to the updated GST requirements.