The major changes from this notification can be summarized as below (for easy reference)-
1- Transport passenger service provider and GTA to avail full ITC subject to the increased rate of 12% overall as against an option to pay 5% without taking any ITC,
2- Works contracts as defined under section 2(119) will be having reduced rate for certain category of works contracts e.g. Histrocal monuments, canal, sewage, general public roads,awas yojna related, various govt schemes, railways related, singly residential unit, low cost housing etc (list can be referred as per notification link below) at the rate of total 12% comparing to the 18% earlier....rest all other works contracts will be still covered by 18% rate,
3- Under heading 9989 the existing rate is 18% which has now splited into reduced rate category for overall rate of 12% in case of " Services by way of printing of newspapers, books (including Braille books), journals and periodicals, where only content is supplied by the publisher and the physical
inputs including paper used for printing belong to the printer"
For full reading of the notification please refer http://www.cbec.gov.in/resources//htdocs-cbec/gst/Notification20-CGST.pdf
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