Exports under Bond/ LUT – Issue of Customs and GST circulars
No:CLE/HO/Policy/Circular/2017
July 18, 2017
Members of the Council,
Sub : Circulars on GST rates
Dear Sir,
The Council has already circulated the GST rates applicable for leather, leather products and footwear as well as service related to the leather industry. Compilation of the rates of products applicable for leather industry is enclosed herewith (in the word file) for your ready reference. Please also find enclosed the following.
1. Notification No.1/2017-Central Tax(Rate) dated 28/6/17 concerning CGST rates. Please note that equal amount SGST will also apply on this product.
2. CGST Notification No.11/2017-Central Tax (Rate) dated 28/6/17 regarding CGST rates on services. Please note that equal amount SGST will also apply on the listed services.
3. IGST Notification No.1/2017-Integrated Tax (Rate) dated 28/6/17 regarding IGST rates on goods.
4. IGST Notification No.8/2017-Integrated Tax (Rate) dated 28/6/17 regarding IGST rates on services
Besides the above, the following notifications are also enclosed.
a. Notification No.5/2017-Integrated Tax dated 28/6/17 & Notification No.12/2017-Central Tax dated 28/6/17 regarding mentioning of HSN Codes in the tax services. These circulars mention the following limits on annual turnover in the preceding financial year, for mentioning HSN codes in invoice.
| S. No. | Annual turnover in the preceding financial year | Number of digits of HS code |
|---|---|---|
| 1 | Upto rupees one crore fifty lakhs | Nil |
| 2 | More than rupees one crore fifty lakhs and upto rupees five crores | 2 |
| 3 | More than rupees five crores | 4 |
Members may kindly note the above.
Thanks & regards,
R.Ramesh Kumar,
Executive Director