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of <h1>India Amends Central Tax Rate: Input Tax Credit Capped at 2.5% for Select Services Under CGST Act.</h1> The Government of India has issued Notification No. 12/2023, amending the Central Tax (Rate) under the CGST Act. Effective October 20, 2023, changes have been made to Notification No. 11/2017, specifically affecting serial numbers 8, 10, and 34. For services under these serials, if the supplier charges a central tax rate higher than 2.5%, the input tax credit will be limited to 2.5%. Additionally, certain entries in the Scheme of Classification of Services have been omitted. These amendments aim to streamline tax credits and service classifications.
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