New GST tax rate to be applicable from 15th November 2017


15.11.2017: Notification giving effect to the revised GST Tax Rate, recommended by GST Council in its 23rd meeting held on 10th November 2017 at Guwahati is released.  According to Notification No.41/2017-Central Tax (Rate) dated 14th November 2017, Revised GST tax rates are applicable from today onwards – 15th November 2017.

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In the said meeting GST council had recommended cutting GST Tax Rates from 28% to 18% on 150-200 items.  Let us see how to read this notification.  Notification No.41/2017-Central Tax (Rate) reads as:  “The Central Government, on the recommendations of the Council, hereby makes the following further amendments in the Notification of the Government of India in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (Rate), dated the 28th June 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28th June 2017, namely”.  

This means the government has amended the previous notification i.e Notification no. 01/2017 by issuing this new notification to revise the GST tax rate.

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In the previous Notification, all GST tax rates were given as per schedules. There was a total of six schedules under which different GST tax rates were given.  For eg. Schedule I – 2.5%(GST tax rate); Schedule II – 6% (GST tax rate) and so on.  Let us find out what is your GST Tax Rate as per the new notification. For eg., your chapter heading is 6909. In the previous Notification, the 6909 code was falling under Schedule IV – 14% (CGST Tax Rate).

In New notification go to page no. 18 and locate chapter heading 6909.  There you will find a sentence ” (lvi) after S. No. 185 and the entries relating thereto, the following serial numbers and the entries shall be inserted, namely: -“. 

The meaning of this sentence is, we need to insert the 6909 chapter heading after 185 in the previous notification which is meant for 9% GST Tax Rate under Schedule III. In other words, your tariff heading is moved from Schedule IV to Schedule III as per the new NotificationSimilarly, you need to follow the same procedure for the rest chapter heading to see the revised GST Tax Rate. Read more about GST Rates.

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