Government of India announces new tax rates on Jaggery, Pencil Sharpeners and more
The Ministry of Finance, Department of Revenue has issued Notification No. 03/2023- Integrated Tax (Rate) on 28th February 2023. The Central Government, on the recommendations of the Council, has made amendments to the notification No. 1/2017-Integrated Tax (Rate), dated 28th June 2017. The new notification announces changes in tax rates on several items including jaggery, pencil sharpeners, and more.
The tax rate on jaggery of all types, including cane jaggery (gur), palmyra jaggery, pre-packaged and labelled; Khandsari sugar, pre-packaged and labelled; Rab, pre-packaged and labelled, has been revised to 5% from the previous tax rate of 18%. Pencil sharpeners will now be taxed at 12% after the introduction of a new S. No. 186A under Schedule II.
This notification shall come into force on the 1st day of March 2023.
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