A new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain goods vide Notification No. 02/2022 dated 31st March 2022.
Rate Amendment in Notification No 02/2022 was related to person engaged in making supply of the goods as per below HSN code:
• Fly ash bricks or fly ash aggregate with 90 per cent. or more fly ash content; Fly ash blocks (6815)
• Bricks of fossil meals or similar siliceous earths (69010010)
• Building bricks (69041000) • Earthen or roofing tiles (690510 00) Changes are being made on the GST portal to include this rate in GSTR-1.
As a temporary measure, taxpayers who have to report goods at this rate may do so by reporting the entries in the 5% heading and then manually increasing the system computed tax amount to 6%.
This can be done by entering the value in the ‘Taxable value’ column next to 5% tax-rate and then increasing the system computed tax-amount to 6% IGST or 3% CGST + 3% SGST in the ‘Amount of Tax’ column under the relevant Table, namely B2B, B2C or Export, as applicable.
This will ensure that correct tax amount is reported in GSTR-1. Meanwhile, this rate will be made available on the GST portal shortly.
Disclaimer: This Article is only a knowledge sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update etc if any.
