Ministry of Finance has issued Notification No. 24/2024-Central Tax on October 9, 2024, amending the original Notification No. 5/2017-Central Tax dated June 19, 2017. This amendment, effective from October 10, 2024, introduces a significant change concerning suppliers of metal scrap. Under this new notification, suppliers engaged in the supply of metal scrap falling under Chapters 72 to 81 of the Customs Tariff Act, 1975, are excluded from the provisions of the earlier notification. The move comes as part of the broader GST framework updates following recommendations from the GST Council. The intent is to streamline the taxation of the metal scrap sector, aligning it with recent GST Council decisions, which also introduced Reverse Charge Mechanism (RCM) and Tax Deducted at Source (TDS) provisions for the sector.
MINISTRY OF FINANCE
(Department of Revenue)
Notification No. 24/2024-Central Tax | Dated: 9th October, 2024.
G.S.R. 628(E).— In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) notification no. 5/2017- Central Tax, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 607(E), dated the 19th June, 2017, namely:-
In the said notification, after the opening paragraph, the following proviso shall be inserted, namely :-
“Provided that nothing contained in this notification shall apply to any person engaged in the supply of metal scrap, falling under Chapters 72 to 81 in the first schedule to the Customs Tariff Act, 1975 (51 of 1975).”.
2. This notification shall come into force with effect from the 10th day of October, 2024.
[F No. CBIC-190354/149/2024-TO(TRU-II)]
AMREETA TITUS, Dy. Secy.
Note: The principal notification no. 5/2017- Central Tax was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 607(E), dated the 19th June, 2017.
