Notification no. 27/2023 Central Tax GST: What you need to know
The Central Board of Indirect Taxes and Customs (CBIC) has issued notification no. 27/2023 Central Tax GST, which makes amendments to the Central Goods and Services Tax (CGST) Act, 2017. The notification comes into force on October 1, 2023.
The key amendments made by the notification include:
- Insertion of the words “for authorised operations” in sub-section (1), clause (b) of the Integrated Goods and Services Tax Act. This amendment clarifies that the exemption from paying IGST on goods imported for authorised operations will also apply to supplies made by persons who are not registered under the CGST Act.
- Exemption from filing annual return for the said financial year to registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees. This amendment will benefit small businesses that have an annual turnover of up to Rs. 2 crore.
- Specification of conditions for unregistered persons for making supplies of goods through an E-Commerce Operator. This amendment clarifies the conditions that unregistered persons must meet in order to make supplies of goods through an e-commerce operator.
- Specification of conditions for persons who may be exempted from obtaining registration under the CGST Act. This amendment specifies the conditions that persons must meet in order to be exempted from obtaining registration under the CGST Act.
The notification also makes a number of other minor amendments to the CGST Act.
If you are a business owner, you should be aware of the amendments made by notification no. 27/2023 Central Tax GST. The amendments could have a significant impact on your business, so it is important to understand them and to ensure that you are compliant with the law.
For more information about the amendments, you can visit the CBIC website or consult with a tax advisor.
