Highlights of the 50th GST Council Meeting: Changes in GST Rates and Compliance Measures
Highlights of the 50th GST Council Meeting: Changes in GST Rates and Compliance Measures
The 50th GST Council Meeting was led by Nirmala Sitharaman, Union Finance & Corporate Affairs Minister. The council made several key changes in GST rates and measures to streamline compliance processes. The GST rate on Uncooked/Unfried Snack Pellets, Imitation Zari Thread or Yarn and LD Slag was reduced to 5%. An IGST exemption will be provided for imported Dinutuximab (Quarziba) medicine for personal use and for medicines and Food for Special Medical Purposes (FSMP) used in rare diseases. Supply of raw cotton will fall under the reverse charge mechanism. Certain utility vehicles would be included under the compensation cess notification. Issues related to GST on trauma, spine, and arthroplasty implants, desiccated coconut, plates and cups made of areca leaves, and biomass briquettes were regularized. Finally, the list of banks eligible for IGST exemption on imports of gold, silver, or platinum was updated.
Important Points to remember:
- Reviews of GST council meetings can provide insights into current economic policies and changes in the tax structure.
- Track changes in rates and exemptions as these could have a direct impact on consumers and industries.
- Understand the importance of the GST council in shaping policies and regulations.
- Regularization of past period payments indicates the scope of adjustments provided by the council.
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