Goods and Services Tax Network (“GSTN”) has issued an Update dated 10th May 2022 in regard to the introduction of a new tax rate of 6% on certain goods (bricks and tiles), on the GST Portal to be included in GSTR-1 as per Notification No. 02/2022 dated 31st March 2022.
For ready reference of our readers the advisory reads as under:
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. 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.
GSTN regrets any inconvenience caused in this regard.
Source: GSTN Portal
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