Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022

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..... Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022
By: - Bimal jain
Goods and Services Tax - GST
Dated:- 1-1-2022

Background: Earlier, the CBIC issued Notification No. 21/2018- Central Tax (Rate) dated July 26, 2018 ("the Concessional Rate Notification") in order to prescribe concessional GST rate on s .....

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..... pecified handicraft items. Further, the new (seventh) edition of the Harmonized System (HS) nomenclature i.e., HS-2022, has come into force from January 01, 2022. This edition has introduced significant changes to the Harmonized System with a total of 351 amendments at the six-digit level, covering a wide range of goods moving across borders. As India is a party to the HS convention, necessary c .....

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..... hanges were brought in accordingly, in GST through the below mentioned notification: Notification: The CBIC vide Notification No. 20/2021- Central Tax (Rate) dated December 28, 2021 has amended relevant entries of the Concessional Rate Notification w.e.f. January 1, 2022, in the following manner: S.No. Old HSN Old Entry New HSN New Entry 4 4414 00 00 Wooden frames for painting, photograp .....

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..... hs, mirrors etc. 4414 Wooden frames for painting, photographs, mirrors etc. 29 7419 99 Art ware of brass, copper/ copper alloys, electro plated with nickel/silver 7419 80 Art ware of brass, copper/ copper alloys, electro plated with nickel/silver Similar notifications have been passed under Integrated Goods and Services Tax Act, 2017 ("IGST Act") and Union Territory Goods and Services Tax .....

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..... Act, 2017 ("UTGST Act"). Our comments: Similar changes have been adopted in Custom Tariff Act, 1975 from January 01, 2022 so as to align the same with HS 2022 vide D.O.F.No.524/11/2021-STO(TU) dated December 20, 2021.
Scholarly articles for knowledge sharing by authors, experts, professionals .....

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