Changes to New FTP, 2023: CBIC Notification No. 10/2023-Central Tax (Rate)

The Central Board of Indirect Taxes and Customs (CBIC) has released Notification No. 10/2023-Central Tax (Rate) on July 26, 2023, to implement consequential changes related to the New Foreign Trade Policy, 2023, as recommended by the 50th GST Council Meeting.

MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 10/2023-Central Tax (Rate) | Dated: 26th July, 2023

G.S.R. 550(E).— In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, on being satisfied that it is necessary in public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.26/2018-Central Tax (Rate), dated the 31^st December, 2018, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1263 (E), dated the 31^st December, 2018, namely: –

In the said notification, –

(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 31^st March, 2023, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (ii) vide S.O. 1565 (E). dated the 31^st March, 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 1^st April, 2023, Extraordinary, Part-I, Section 1 vide F. No. 01/75/171/00016/AM-23/FTP Cell dated the 1st April, 2023;”

2. This notification shall come into force on the 27^th July, 2023.

[F. No. 190354/133/2023-TRU]

NITISH KARNATAK, Under Secy.

Note: – The principal notification No. 26/2018 – Central Tax (Rate), dated the 31^st December, 2018 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1263(E), dated the 31^st December, 2018 and was last amended by notification No. 17/2019 – Central Tax (Rate), dated the 30^th September, 2019 vide published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 718(E), dated the 30^th September, 2019 .