Earlier, the CBIC issued Notification No. 45/2017-Central Tax (Rate) dated November 14, 2017 (“NN. 45/CT(R)”) to provide concessional GST rate of 2.5% on scientific and technical equipments supplied to public funded research institutions, departments and laboratories of the central government and state government, cancer institute and research institution, other than a hospital.
Further, the GST Council’s 47th meeting was held in Chandigarh on June 28-29, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman, wherein, recommendations were made to rationalize the exemption in form of a concessional rate of GST w.e.f. July 18, 2022.
Accordingly, the recommendation has been notified vide following notification:
The CBIC vide Notification No. 11/2022-Central Tax (Rate) dated July 13, 2022 has rescinded NN. 45/CT(R) to change the concessional GST rate of 5% (2.5% each CGST and SGST or 5% IGST) on scientific and technical equipments to rate applicable on such scientific and technical equipments w.e.f. July 18, 2022.
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”).
CGST (Rate) Notification: https://taxinformation.cbic.gov.in/view-pdf/1009441/ENG/Notifications
IGST (Rate) Notification: https://taxinformation.cbic.gov.in/view-pdf/1009461/ENG/Notifications
UTGST (Rate) Notification: https://taxinformation.cbic.gov.in/view-pdf/1009449/ENG/Notifications
DISCLAIMER: The views expressed are strictly of the author and A2Z Taxcorp LLP. The contents of this article are solely for informational purpose and for the reader’s personal non-commercial use. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon. Further, no portion of our article or newsletter should be used for any purpose(s) unless authorized in writing and we reserve a legal right for any infringement on usage of our article or newsletter without prior permission.
We have recently released the 7th Edition (May, 2022) of our book on Goods and Services Tax, titled, “GST LAW AND COMMENTARY – WITH ANALYSIS AND PROCEDURES”, updated with the Finance Act, 2022 in a set of 4 Volumes. We thank you all for the support and your enduring response.
Have a look at the complete tour of the Book at: https://cutt.ly/nF6O0oN
Order your copy now and be a part of the GST learning excursion in the most comprehensive and lucid form !!
For more details and purchase online at: https://cutt.ly/RFMox8D