Direct Tax Services
Audit
Consulting
ESG Advisory
Indirect Tax Services
RBI Services
SEBI Services
IRDA Registration
FEMA Advisory
Compliances
IBC Services
VCFO Services
Developed
Developing
BOTs
American
EU-1
EU-2
South East
South Asia
Gulf
ME
Select Your Location
The CBIC, vide its Circular No. 189/01/2023-GST dated 13th January 2023, issued Clarification regarding GST rates & classification of certain goods on the basis of the recommendations of the 48th GST Council meeting held on 17th December 2022, which shall be discussed in the present article.
Table of Contents
Such items shall be classified under tariff item 1905 90 30, covering goods with the description ‘Extruded or expanded products, savoury or salted’, attracting GST @ 18% vide S. No. 16 of Schle-III of notification Number. 1/2017- Central Tax (Rate),
Clarification was sought about the specifications of motor vehicles that attract compensation cess @ 22% vide entry at S. Number 52B of notification number 01/2017 Compensation Cess (Rate), wherein it is classified that Compensation Cess @ 22% is applicable on Motor vehicles, falling under heading 8703, that satisfies all four specifications, these are popularly known as SUVs; the engine capacity exceeding 1,500 ccs; the length exceeding 4,000 mm; and the ground clearance is 170 mm and above and such classification is only applicable for SUVs.
Any difficulty being faced in the implementation of the said circular can be brought to the notice of the board. The circular provides the much-needed clarification regarding the GST rates and the classification of goods mentioned thereto as per the recommendations of the 48th GST Council meeting, which can simplify the GST filing process for individuals as well as entities.
Read Our Article: Key Highlights of the GST Council Meeting
If an individual is considering starting a money lending business in India, obtaining a license...
Transaction in government securities refers to any buying or selling of government-issued secur...
The Reserve Bank of India has been taking several steps to increase supervision, including adop...
Non-Banking Financial Companies (NBFCs) are obligated to record and report their investments in...
Do you want to transfer money to your spouse's account so she can meet personal expenses? Will...
Are you human?: 4 + 2 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The GST regime bill, which was passed by the parliament after the 122nd amendment of the constitution, is expected...
05 Apr, 2021
The liability of interest for any delayed payment is an economic consequence. The tax laws are not exempted from th...
19 Mar, 2021
Chat on Whatsapp
Hey I'm Suman. Let's Talk!