TMI BlogCertain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022 - By: - CA 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 co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncessional GST rate on specified 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e HS convention, necessary changes 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Old Entry New HSN New Entry 4 4414 00 00 Wooden frames for painting, photographs, mirrors etc. 4414 Wooden frames for painting, photographs, mirrors etc. 29 7419 99 Art ware of brass, copper/ co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pper 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 Act, 2017 ( UTGST Act ). Our comments: Simi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lar 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 authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
