𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝗖𝗚𝗦𝗧 𝗥𝗮𝘁𝗲 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀 – 𝗠𝗶𝗻𝗶𝘀𝘁𝗿𝘆 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 📢 The Ministry of Finance has issued Notification No. 05/2024-Central Tax (Rate), which introduces amendments to the Central Goods and Services Tax (CGST) rates under Notification No. 1/2017-Central Tax (Rate).

🔍 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀: 𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗜 – 𝟮.𝟱% 𝗥𝗮𝘁𝗲: New items added: 𝗧𝗿𝗮𝘀𝘁𝘂𝘇𝘂𝗺𝗮𝗯 𝗗𝗲𝗿𝘂𝘅𝘁𝗲𝗰𝗮𝗻 (for cancer treatment) 𝗢𝘀𝗶𝗺𝗲𝗿𝘁𝗶𝗻𝗶𝗯 (for lung cancer) 𝗗𝘂𝗿𝘃𝗮𝗹𝘂𝗺𝗮𝗯 (for immunotherapy)

𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗜𝗜 – 𝟲% 𝗥𝗮𝘁𝗲: 𝗘𝘅𝘁𝗿𝘂𝗱𝗲𝗱 𝗼𝗿 𝗲𝘅𝗽𝗮𝗻𝗱𝗲𝗱 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀 (savory or salted snacks, excluding un-fried/un-cooked snack pellets) are now taxable at 6%.

𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗜𝗜𝗜 – 𝟵% 𝗥𝗮𝘁𝗲: Snack pellets manufactured via extrusion, both fried and expanded products, are now categorized for this rate. Seats (S. No. 435A): Seats, other than those used in aircraft or motor vehicles, are now taxable under this schedule.

𝗦𝗰𝗵𝗲𝗱𝘂𝗹𝗲 𝗜𝗩 – 𝟭𝟰% 𝗥𝗮𝘁𝗲: A new item, seats used for motor vehicles (S. No. 210A), is now subject to 14% tax.

⚖️ 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗗𝗮𝘁𝗲: This notification will take effect on October 10, 2024.

📜 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗳𝗲𝗿𝗲𝗻𝗰𝗲: 𝗣𝗿𝗶𝗻𝗰𝗶𝗽𝗮𝗹 𝗡𝗼𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: No. 1/2017-Central Tax (Rate), dated June 28, 2017 𝗟𝗮𝘁𝗲𝘀𝘁 𝗔𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁: No. 2/2024-Central Tax (Rate), dated July 12, 2024.

This notification provides clarity on tax rates for specific products in the pharmaceutical, snack, and motor vehicle industries.