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TMI BlogChanges in Compensation Cess Rate Notification w.r.t. supply of certain goods from January 01, 2022 to align it with HS 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... Changes in Compensation Cess Rate Notification w.r.t. supply of certain goods from January 01, 2022 to align it with HS 2022 - By: - CA Bimal Jain - Goods and Services Tax - GST - Dated:- 31-12-2021 - - Background: Earlier, the CBIC issued Notification No.1/2017-Compensation Cess (Rate) dated June 28, 2017 ( the Compensation Cess Rate Notification ) in order to notify the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate of GST compensation cess to be levied on the intra-State supplies or inter-State supplies of certain goods mentioned therein. Further, the new (seventh) edition of the Harmonized System (HS) nomenclature i.e., HS-2022, has come into force from January 01, 2022. This edition has introduced significant changes to the Harmonized System with a total of 351 amendments at the six-digit level, co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vering a wide range of goods moving across borders. As India is a party to the HS convention, necessary changes were brought in accordingly, in GST through the below mentioned notification: Notification: The CBIC vide Notification No. 2/2021-Compensation Cess (Rate) dated December 28, 2021 has amended the relevant entries of the Compensation Cess Rate Notification w.e.f. January 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 2022, in the following manner: S. No. Old HSN Old Entry New HSN New Entry 25 2403 91 00 Homogenised or reconstituted tobacco, bearing a brand name 2403 91 00 or 2404 11 00 Homogenised or reconstituted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tobacco, bearing a brand name 37 2403 99 90 All goods, other than pan masala containing tobacco 'gutkha', bearing a brand name 2403 99 90 or 2404 11 00 or 2404 19 00 All goods, other than pan masala containing tobacco 'gutkha', bearing a brand name 38 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2403 99 90 All goods, other than pan masala containing tobacco 'gutkha', not bearing a brand name 2403 99 90 or 2404 11 00 or 2404 19 00 All goods, other than pan masala containing tobacco 'gutkha', not bearing a brand name 54 8802 Other aircraft (for example, helicopt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers, aeroplanes), for personal use. 8802 or 8806 Other aircraft (for example, helicopters, aeroplanes), for personal use. Our comments: Similar changes have been adopted in Custom Tariff Act, 1975 from January 01, 2022 so as to align the same with HS 2022 vide D.O.F.No.524/11/2021-STO(TU) dated December 20, 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Author can be reached at [email protected] ) - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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