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of <h1>India Amends CGST Rates: New Tax Credits for Landowner-Promoters, 2.5% Rate for Ship Services as of June 2021.</h1> The Government of India has issued Notification No. 02/2021 to amend Notification No. 11/2017- Union Territory Tax (Rate), implementing new CGST rates for various services as advised by the GST Council in its 43rd meeting. Effective from June 2, 2021, the amendments include provisions for landowner-promoters to utilize tax credits from developer promoters for tax payments on supplied apartments. Additionally, maintenance, repair, or overhaul services for ships and vessels have been added with a 2.5% tax rate. This notification aims to update the tax framework in alignment with the GST Council's recommendations.
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