An overview of the GST Notification issued on February 28,2023

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An overview of the GST Notification issued on February 28,2023

 

 

  1. National Testing Agency to be treated as educational institution for conduct of entrance examination: Notification

    Notification No. 01/2023 -Central Tax (Rate) dated February 28th, 2023

    The CBIC has issued notification to provide that any authority, board or body set up by the Central Government or State Government including National Testing Agency for conduct of entrance examination for admission to educational institutions shall be treated as educational institution for the limited purpose of providing services by way of conduct of entrance examination for admission to educational institutions.

    Now, the services by way of conduct of entrance examination for admission to educational institutions by National Testing Agency or any other authority/board by set up by the Central Government or State Government shall be exempt under GST.

    2. Tax to be paid under RCM on services provided by Courts and Tribunals: Notification

    Notification No. 02/2023 -Central Tax (Rate) dated February 28th, 2023

    The CBIC has issued notification to provide that services provided by Courts and Tribunals shall be covered under RCM and provisions of RCM notification shall apply to Courts and Tribunals as they apply to the Central Government and State Governments. This notification shall come into force with effect from 1st March, 2023

    3. 12% GST shall be levied on Pencil sharpeners w.e.f. 1st March, 2023

    Notification No. 03/2023 -Central Tax (Rate) dated February 28th, 2023

    The CBIC has issued notification to provide that pencil sharpeners shall be taxable at 12%. The rate on pencil sharpeners has been reduced from 18% to 12%. Also the rate on pre-packaged and labelled Rab shall be 5%. Recently, the GST Council has recommended a reduction in the rate of rab considering it a liquid form of jaggery. This notification shall be effective from 1st March, 2023.

    4. No GST would be levied on Rab if not pre-packaged and labelled: Notification

    Notification No. 04/2023 -Central Tax (Rate) dated February 28th, 2023

    The CBIC has issued notification to exempt Rab which is not pre-packaged and labelled. This notification shall be effective from 1st March, 2023. However, pre-packaged and labelled Rab shall be taxable at 5%.

    5. No Compensation cess on coal rejects supplied to a coal washery as well: Notification

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