CBIC Notice Dated 4 January 2024: Calling Feedback/ Suggestion from Stakeholders by 31 january 2024
The Central Board of Indirect Taxes and Customs (CBIC) has recently issued a crucial notice on 4th January 2024, inviting valuable feedback and suggestions from stakeholders regarding the Harmonization of GST Rate Schedule on Services and the Classification of Services for GST. Stakeholders are encouraged to contribute their insights by the deadline of 31st January 2024.
Key Details
As outlined in Notification No. 12/2017-Central Tax, amended by Notification No. 78/2020-Central Tax, businesses with turnovers up to Rs. 5 Crore are required to declare service classification at a 4-digit level, while those exceeding Rs. 5 Crore must provide details at a 6-digit level. The GST classification system aligns with the UN Central Product Classification of Goods and Services (UNCPC), utilizing a 4-digit classification with a prefix ’99’ to signify services.
Harmonization Efforts
The CBIC has identified a potential misalignment between the GST rate schedule and the classification of services. To streamline processes and enhance the ease of doing business, efforts are underway to harmonize these aspects. The existing Rate Notification No. 11/2017-CT(R) dated 28.06.2017 does not detail service classification at the 6-digit level, prompting the need for adjustments.
Proposed Draft Schedule
The CBIC has developed a comprehensive draft schedule of GST rates on services, encompassing the 6-digit service code, service description, applicable rate, and associated conditions. Notably, extensive efforts have been made to simplify the main body of the notification, with standardized coding for numerous conditions. This restructuring aims to enhance readability and comprehension.
Call for Stakeholder Feedback
Stakeholders are strongly encouraged to contribute to this significant initiative by providing feedback and suggestions on the annexed draft schedule of GST rates on services. The deadline for submissions is 31st January 2024. Feedback can be sent via email to js-tru2@gov.in.
Conclusion
The CBIC’s proactive approach in seeking stakeholder input reflects a commitment to fostering a collaborative environment and improving the efficiency of GST regulations. Stakeholders play a pivotal role in shaping these changes, and their insights will contribute to the ongoing efforts to harmonize the GST rate schedule on services.
To Access the CBIC official Notice & draft schedule from the old portal CLICK HERE
To Know the Budget 2024 expectations of GST relief by Small & Medium Businesses CLICK HERE
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