CBIC amends Notification No. 66/2017-Central Tax dated 15.11.2017 to exclude specified actionable claims Vide Notification No. 50/2023 – Central Tax Dated: 29th September, 2023.
Ministry of Finance, Department of Revenue, and the Central Board of Indirect Taxes and Customs (CBIC) have taken a noteworthy step by amending Notification No. 66/2017-Central Tax, originally dated 15th November, 2017. This amendment, encapsulated in Notification No. 50/2023-Central Tax, dated 29th September, 2023, serves the purpose of excluding specified actionable claims under the Central Goods and Services Tax (CGST) Act, 2017.
Detailed Analysis:
1. Amendment Details: Notification No. 50/2023-Central Tax introduces a significant change to the existing tax framework. It specifies that with effect from the 1st October, 2023, a specific exclusion shall be made within Notification No. 66/2017-Central Tax. The exclusion pertains to registered persons who are engaged in the supply of specified actionable claims, as defined in clause (102A) of section 2 of the CGST Act, 2017.
2. Scope of Exclusion: This exclusion signifies that registered persons dealing with specified actionable claims, which have been distinctly defined, will not be eligible for the composition levy under section 10 of the CGST Act. This amendment narrows the scope of individuals and businesses that can benefit from the composition levy, excluding those involved in the specified actionable claims category.
3. Effective Date: The effective date of this amendment is the 1st October, 2023, indicating the commencement of this regulatory change. From this date onward, registered persons dealing with specified actionable claims will be subject to standard tax regulations rather than the composition levy.
Conclusion:
Notification No. 50/2023 – Central Tax represents a significant modification in the realm of taxation under the CGST Act. By excluding registered persons involved in the supply of specified actionable claims from the composition levy benefits, the government is refining and narrowing the eligibility criteria for this particular tax scheme.
This amendment, takes effect from October 1, 2023.
Ministry of Finance
(Department of Revenue)
(Central Board of Indirect Taxes and Customs)
Notification No. 50/2023-Central Tax | Dated: 29th September, 2023
G.S.R. 706(E).— In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereinafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 66/2017-Central Tax, dated the 15th November, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i),vide number G.S.R. 1422(E), dated the 15th November, 2017, namely: —
In the said notification, with effect from the 1st October, 2023, after the words and figures “composition levy under section 10 of the said Act”, the words and figures “, other than the registered person making supply of specified actionable claims as defined in clause (102A) of section 2 of the said Act,” shall be inserted.
[F. No. CBIC-20016/29/2023-GST]
RAGHAVENDRA PAL SINGH, Director
