The Central Board of Indirect Taxes and Customs (CBIC) on June 24, 2020, publishes the Central Goods and Service Tax (Seventh Amendment) Rules, 2020, to further amend the Central Goods and Service Tax, 2017.
Following are the amendments in Central Goods and Service Tax Rules, 2017:
Rule 7 which talks about the rate of tax of the composition levies table has been substituted with the new table.
1) Manufacturers, other than manufacturers of such goods as may be notified by the Government shall have half per cent. of the turnover in the State or Union territory.
2) Suppliers making supplies referred to in clause (b) of paragraph 6 of Schedule II shall have two and a half per cent. of the turnover in the State or Union territory.
3) Any other supplier eligible for composition levy under sub-sections (1) and (2) of section 10 shall have half per cent. of the turnover of taxable supplies of goods and services in the State or Union territory.
4) Registered persons not eligible under the composition levy under sub-sections (1) and (2), but eligible to opt to pay tax under sub-section (2A), of section 10 which specifies Composition Levy Scheme shall have three percent of the turnover of taxable supplies of goods and services in the State or Union territory.
They will come into force with effect from April 01, 2020.
[Notification No. 50/2020- Central Tax]
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