Notification No: 27/2023 – Central Tax dated 31-07-2023 – Download pdf

Seeks to notify the provisions of section 123 of the Finance Act, 2021 (13 of 2021).

Summary:
The Government of India notified that Section 123 of the Finance Act, 2021 comes into effect from 1st October 2023.
Key Points:
Section 123 amends Section 16 of the IGST Act regarding zero-rated supplies (exports and SEZ supplies):
1. Exports with IGST refund are now restricted to notified persons/goods only.
2. Others must export under LUT/bond without IGST payment and claim ITC refund.
3. Supplies to SEZ must be for authorized operations.

Full Content of the Notification

S.O. …..(E).— In exercise of the powers conferred by clause (b) of sub- section (2) of section 1 of the Finance Act, 2021 (13 of 2021), the Central Government hereby appoints the 1st day of October, 2023, as the date on which the provisions of section 123 of the said Act, shall come into force.