Gist of the Notifications dated 25th January 2018

Gist of the Notifications dated 25^th January 2018

Certain notifications have been issued on 25^th January 2018 in respect of recommendations made in the 25th GST Council Meeting. We are hereby providing you the gist of the notifications issued.

Notification no.	GIST
01/2018-Central Tax (Rate), dt. 25-01-2018	This notification amends notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by Goods and Services Tax Council in its 25th meeting held on 18.01.2018.
02/2018-Central Tax (Rate), dt. 25-01-2018	This notification amends notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council in its 25th meeting held on 18.01.2018.
03/2018-Central Tax (Rate), dt. 25-01-2018	This notification amends notification No. 13/2017- Central Tax (Rate) so as to tax services supplied by the Central Government, State Government, Union territory or local authority by way of renting of immovable property to a registered person under CGST Act, 2017 under Reverse Charge Mechanism (RCM).
04/2018-Central Tax (Rate), dt. 25-01-2018	This notification defers the liability to pay GST to the time when the possession or right in the property is transferred to the land owner by entering into a conveyance deed or similar instrument (e.g. allotment letter) in case where registered person is supplying service by way of construction against transfer of development right and vice versa.
05/2018-Central Tax (Rate), dt. 25-01-2018	This notification exempts the intra-State supply of services by way of grant of license or lease to explore or mine petroleum crude or natural gas or both, from so much of the CGST as is leviable on the consideration paid to the Central Government in the form of Central Government’s share of profit petroleum.
06/2018-Central Tax (Rate), dt. 25-01-2018	This notification amends notification No. 1/2017- Central Tax (Rate) so as to notify changes in CGST rates of various goods as recommended by Goods and Services Tax Council in its 25th meeting held on 18.01.2018.
07/2018-Central Tax (Rate), dt. 25-01-2018	This notification amends notification No. 2/2017- Central Tax (Rate) so as to exempt certain goods as recommended by Goods and Services Tax Council in its 25th meeting held on 18.01.2018.
08/2018-Central Tax (Rate), dt. 25-01-2018	This notifications seeks to provide reduction in rates of intra-state supplies of old and used cars, from so much tax as specified in Schedule IV of Notification No. 1/2017 -Central Tax (Rate), on the value that represent margin of the supplier, on supply of such goods.
09/2018-Central Tax (Rate), dt. 25-01-2018	This notification seeks to amend notification no. 45/2017-Central Tax (rate) of providing concessional GST rate of 2.5% on scientific and technical equipments supplied to public funded research institutions.
06/2018-Integrated Tax (Rate), dt. 25-01-2018	This notification exempts the IGST leviable on the supply of services of temporary transfer or permitting the use or enjoyment of any intellectual property right, imported into the territory of India, to the extent of the aggregate of the duties of Customs leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 on the consideration declared under sub-section (1) of section 14 of the Customs Act, 1962 towards royalties and license fees included in the transaction value as specified under clause (c) of sub-rule (1) of rule 10 of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 on which the appropriate duties of Customs have been paid.

All the above central tax (rate) notifications are been issued under Integrated tax (rate) i.e. for inter-state supplies respectively on 25^th January, 2018.

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Thanking you,
Regards,

Pradeep Jain, F.C.A.

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Gist of the Notifications dated 25th January 2018

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