GST Notification – 50/2023:

“Starting from October 1, 2023, there’s a new rule (Notification No. 50/2023-Central Tax) that affects how taxes are applied. This rule changes Notification No. 66/2017-Central Tax. It specifically applies to businesses registered under GST (Goods and Services Tax) who deal with certain types of claims, as defined in section 2 of the CGST Act, 2017.

Basically, if a business deals with these specific claims, they won’t be able to use a simplified tax method called composition levy, which was available before. This means they’ll have to follow regular tax rules instead. This change comes into effect from October 1, 2023.”