CBIC Notification No. 2/2024 Exempts GST on Agricultural Produce Exceeding 25 KG or 25 Litres
The Central Board of Indirect Taxes and Customs (CBIC) has recently issued Notification No. 02/2024 – Central Tax (Rate) dated July 12, 2024, in accordance with the proposals of the GST Council. This notification waives off GST on agricultural produce exceeding 25 kilograms or 25 litres.
Changes in GST Application
Prior to this notification, GST was applicable to food items that were considered “pre-packaged and labelled” as per the Legal Metrology Act, 2009.
Revisions in CGST Rate Notification
Under the powers granted by the CGST Act, CBIC has made revisions to the CGST Rate Notification. A proviso has been added to the Explanation after Schedule VII, clarifying the definition of ‘pre-packaged and labelled’.
Impact on Agricultural Sector
This amendment by CBIC has brought relief to the agricultural sector. Previously, agricultural farm produce in packages exceeding 25 kilograms or 25 litres were subject to GST. However, with this recent notification, such produce is now exempt from GST, regardless of provisions in the Legal Metrology Act, 2009.
Recommendations by GST Council
In the 47th GST Council meeting on June 29, 2022, chaired by Union Finance Minister Nirmala Sitharaman, a recommendation was made to replace “branded” with “pre-packaged and labelled”. This led to subsequent amendments in the CGST Rate Notification.
Overall, this notification has significant implications for the agricultural sector, providing a boost to farmers and producers dealing with agricultural produce exceeding the specified limits.
Introduction
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