The culmination of the 47th GST Council Meeting, right at the cusp of the GST 5th anniversary saw re-organisation of rates of various goods and services as well as compliance particulars. Over the course of 2 days, the Council discussed several key issues like exemptions, correction of inverted duty, revising rates of various items, etc.
Against this backdrop, Nishant Shah, Partner at Economic Laws Practice (ELP) has been quoted by Taxsutra in their Tax-Expert section. He says, “The GST Council has recommended modification of rates for a number of goods and services on the higher side. However, the same has rightly been termed as rationalization, since such increase in rates will facilitate removal of inverted duty structures. Several other decisions are also expected to positively impact businesses. However, a clearer picture will emerge once the fine print is available, when the underlying notifications and circulars giving effect to these recommendations are issued.”
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