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TMI Blog: Whether someone Exports, Drive Used Cars or Snack on Popcorn – Here s What s Changing!X X X X Extracts X X X X X X X X Extracts X X X X ..... : Whether someone Exports, Drive Used Cars or Snack on Popcorn – Here s What s Changing! X X X X Extracts X X X X X X X X Extracts X X X X ..... 0320;𝘀 𝗿𝗮𝘁𝗲 𝗿𝗲𝗱𝘂𝗰𝗲𝗱 𝘁𝗼 0.1% for sales to merchant exporters (traders who buy locally and export). This aligns with IGST, CGST, and SGST rates, simplifying compliance for exporters. 2️⃣ 𝗚𝗦𝗧 𝗼𝗻 𝗨𝘀𝗲𝗱 𝗖𝗮𝗿𝘀 🚗 GST increased to 18% for old and used vehicles, including EVs, up from the earlier 12% for most vehicles. 𝗞𝗲𝘆 𝗱𝗲𝘁𝗮𝗶𝗹: GST applies only to the 𝗺𝗮𝗿𝗴𝗶𝗻 (difference between purchase and sel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling price), ensuring fairness. 𝗜𝗺𝗽𝗮𝗰𝘁: Buyers from GST-registered sellers like 𝗦𝗽𝗶𝗻𝗻𝘆 may feel the pinch, but no GST applies to sales by unregistered individuals. 3️⃣ 𝗣𝗼𝗽𝗰𝗼𝗿𝗻 𝗖𝗹𝗮𝘀𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗖𝗹𝗮𝗿𝗶𝗳𝗶𝗲𝗱 🍿 Salty/spicy popcorn: 5% 𝗚𝗦𝗧 (𝗻𝗼𝗻-𝗽𝗮𝗰𝗸𝗮𝗴𝗲𝗱), 12% 𝗚𝗦𝗧 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (𝗽𝗮𝗰𝗸𝗮𝗴𝗲𝗱) under 𝗖𝗧𝗛 2106 9099. Sweetened versions (e.g., caramel popcorn): 18% 𝗚𝗦𝗧 under 𝗖𝗧𝗛 1704 9090. 𝗖𝗼𝗻𝘁𝗿𝗼𝘃𝗲𝗿𝘀𝘆 𝗔𝗹𝗲𝗿𝘁: Neither classification aligns with 𝗖𝘂𝘀𝘁𝗼𝗺𝘀 𝗧𝗮𝗿𝗶𝗳𝗳 𝗽𝗿𝗶𝗻𝗰𝗶𝗽𝗹𝗲𝘀, where sweet and spicy popcorn might better fit 𝗖𝗧𝗛 1904 1090. 4️⃣ 𝗙 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 𝗧𝗪𝗭 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗦𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 Retrospective clarification (effective 𝗝𝘂𝗹𝘆 1, 2017): Sales of goods stored in 𝗙𝗿𝗲𝗲 𝗧𝗿𝗮𝗱𝗲 𝗪𝗮𝗿𝗲𝗵𝗼𝘂𝘀𝗶𝗻𝗴 𝗭𝗼𝗻𝗲𝘀 (𝗙𝗧𝗪𝗭) will 𝗻𝗲𝗶𝘁𝗵𝗲𝗿 𝗯𝗲 𝘁𝗿𝗲𝗮𝘁𝗲 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;𝗱 𝗮𝘀 𝗮 𝘀𝘂𝗽𝗽𝗹𝘆 𝗼𝗳 𝗴𝗼𝗼𝗱𝘀 𝗻𝗼𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀. This change relieves cross-border traders, extending benefits similar to those for 𝗖𝘂𝘀𝘁𝗼𝗺𝘀-𝗕𝗼𝗻𝗱𝗲𝗱 𝗪𝗮𝗿𝗲𝗵𝗼𝘂𝘀𝗲𝘀 (𝗖𝗕𝗪). 5️⃣ 𝗩𝗼𝘂𝗰𝗵𝗲𝗿 𝗧𝗮𝘅𝗮𝘁𝗶𝗼𝗻 𝗦 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;𝗶𝗺𝗽𝗹𝗶𝗳𝗶𝗲𝗱 🎟️ Vouchers will now 𝗻𝗲𝗶𝘁𝗵𝗲𝗿 𝗯𝗲 𝘁𝗿𝗲𝗮𝘁𝗲𝗱 𝗮𝘀 𝗮 𝘀𝘂𝗽𝗽𝗹𝘆 𝗼𝗳 𝗴𝗼𝗼𝗱𝘀 𝗻𝗼𝗿 𝘀𝗲𝗿𝘃𝗶𝗰𝗲𝘀, akin to "transactions in money" under the earlier service tax regime. While this change seeks to resolve disputes, the final outcome depends on the specifics in the 𝗖𝗚𝗦𝗧 𝗔𝗰𝘁 & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #120302;𝗺𝗲𝗻𝗱𝗺𝗲𝗻𝘁𝘀. 6️⃣ 𝗜𝗧𝗖 𝗥𝗲𝗹𝗶𝗲𝗳 𝗳𝗼𝗿 𝗘-𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗲 𝗢𝗽𝗲𝗿𝗮𝘁𝗼𝗿𝘀 A win for platforms like 𝗨𝗯𝗲𝗿 and 𝗨𝗿𝗯𝗮𝗻 𝗖𝗼𝗺𝗽𝗮𝗻𝘆: No proportional reversal of 𝗜𝗻𝗽𝘂𝘁 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 (𝗜𝗧𝗖) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for payments made on behalf of sellers under section 9(5).
That's all from the GST Council for now!
While these updates promise to untangle the GST web (finally!), 𝗱𝗼 𝘆𝗼𝘂 𝘁𝗵𝗶𝗻𝗸 𝘁𝗵𝗲𝘆'𝗹𝗹 𝗺𝗮𝗸𝗲 𝗮 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲-𝗼𝗿 𝗶𝘀 𝗶𝘁 𝗷𝘂𝘀𝘁 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝘀 𝘂𝘀𝘂𝗮𝗹? X X X X Extracts X X X X X X X X Extracts X X X X ..... s, professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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