GST Council rejected the proposal to change the rate of 113 things! Rates of some selected items will change

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New Delhi. In the meeting of the GST Council to be held next week, the tax rates for some selected items are going to be changed, which has been recommended by the fitment panel. According to the information received, the demand for changing the Goods and Services Tax (GST) rates for 113 items has been turned down.

Live Mint has written that the rates of only a few things will change. The online business site has claimed to have reviewed the agenda document of the meeting. The 113 items whose rates have been suggested include jaggery, syrup-cut fruits and vegetables, walnuts, medical devices, imitation zari, rooftop solar panels, and handlooms.

Also Read – How Much Tax Will Be Deducted On Crypto Transactions? CBDT clarified everything

What about cut and polished diamonds?
Let us inform that after December 31, now the first meeting of the GST Council will be held in Chandigarh on June 28-29.
The fitment panel had suggested increasing the cut and polished diamonds from 0.25 per cent to 1.5 per cent, but left the final decision to the Group of Ministers (GoM). The rate fitment panel of central and state officials has argued that low rates on cut and polished diamonds are hindering input tax credit (ITC) for the gems and jewelery industry.

Note – The news is updating.

Tags:, GST council meeting, gst news

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