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