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On June 29, 2022, under a press release, the Union Finance Minister Mrs. Nirmala Sitharaman informed 47th recommendations to the Goods and Services Tax (GST) which focussed on the reports tabled by various GoMs on GST rate rationalisation, fixation of GST rate rationalisation, fixation of GST rate on online gaming, and IT reforms. The GST council in its 47th Council session proposed an array of significant reforms and improvements in relation to GST rates on supply of goods and services, as well as GST law and procedure.

GST rates changes impact everyone, from business to consumer, who have to evaluate the consequence on their GST calculations stemming from the change.

The GST rate changes have been effective from July 18, 2022 while those pertaining to GST law and procedure, shall be made applicable from January 1, 2023.

The key recommendations made in the GST Council Meeting;

1. Rate Rationalisation to remove inverted duty structure.

2. Withdrawal of exemption on certain goods and services or both,

3. Rationalisation of GST exemptions on services

4. Concessional GST

5. Relief to E-commerce supplier

Other Miscellaneous changes

The recommendation implemented will help in aiding the country’s economic growth and development.

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