Background:
Earlier, the 50th Meeting of the GST Council was held on July 11, 2023 in New Delhi, wherein consequential changes were recommended in notifications in view of the New Foreign Trade Policy, 2023.
Notification:
Now, the CBIC vide Notification No. 10/2023-Central Tax dated July 26, 2023 has issued amendments in Notification No. 26/2018- Central Tax (Rate) dated December 31, 2018 to implement the decisions of the 50th GST Council meeting.
In this Notification, the Foreign Trade Policy and the Handbook Procedures Paragraph are substituted with a new one introduced.
The said notification is reproduced for your bare perusal, –
“(A) in the opening paragraph, for the phrase “paragraph 4.41”, the phrase “paragraph 4.40”, shall be
substituted;
(B) in the Explanation, –
(i) for clause (a), the following clause shall be substituted, namely: —
“(a) “Foreign Trade Policy” means the Foreign Trade Policy, 2023, notified by the Government of India in the Ministry of Commerce and Industry vide notification No. 1/2023 dated the March 31, 2023, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (ii) vide S.O. 1565 (E). dated the March 31, 2023;”
(ii) for clause (b), the following clause shall be substituted, namely: —
“(b) “Handbook of Procedures” means the Handbook of Procedure, notified by the Government of India in the Ministry of Commerce and Industry vide Public Notice No. 01/2023 dated the April 01, 2023, Extraordinary, Part-I, Section 1 vide F. No. 01/75/171/00016/AM-23/FTP Cell dated the April 01, 2023;”
This notification shall come into force on the July 27, 2023.”
Similar notifications have been passed under the Integrated Goods and Services Tax Act, 2017 (“the IGST Act”) and the Union Territory Goods and Services Tax Act, 2017 (“the UTGST Act”).
The CGST (Rate) Notification: https://egazette.gov.in/WriteReadData/2023/247627.pdf
The IGST (Rate) Notification: https://egazette.gov.in/WriteReadData/2023/247627.pdf
The UTGST (Rate) Notification: https://egazette.gov.in/WriteReadData/2023/247627.pdf
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