28.06.2022: GST Council accepts interim GoM report on rate rationalisation

GST Council has accepted the interim GoM report on rate rationalisation, CNBC TV18 reported. Here are the changes which have been reportedly proposed:

– ITC refund on account of inverted rates be disallowed for edible oils.

– Inverted duty correction likely on — printing, writing/ drawing ink from 12% to 18%.

– Correction of inverted duty structure on LED lights, fixtures, LED lamps from 12% to 18%.

– Correction proposed on solar water heater and system from 5% to 12%.

– Correction proposed on finished leather, composition leather from 5% to 12%.

– Correction proposed on works contract supplied to government from 5% to 12%.

– Correction of inverted duty on tailoring and other job works for textiles from 5% to 12%.

Source: Money Control
https://www.moneycontrol.com/news/business/economy/gst-council-meet-live-updates-states-seek-to-continue-protected-revenue-provision-8749281.html

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