Critical amendment proposed in Zero rated supplies under IGST act

• February 6, 2021
• CA Chandan Agarwal's Office

Clause 114 of the Finance Bill 2021 seeks to amend section 16 of the Integrated Goods and Services Tax Act, 2017 so as to make provisions for restricting the zero rated supply on payment of integrated tax only to specified class of taxpayers or specified supplies of goods or services. It further provides to link the foreign exchange remittance in case of export of goods with refund and further restricting zero rating of supplies made to special economic zone only when such supplies are for authorised operations.

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