GST Council may bring in more products under tax

GST Council may bring in more products under tax

BUSINESS DESKUpdated: Tuesday, August 16, 2022, 11:22 PM IST
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GST Council may bring in more products under tax | Representational Image

Mumbai: After bringing some of the pre-packaged and pre-labelled retail packs (including curd, lassi and buttermilk) under the ambit of Goods and Services Tax (GST) effective from July, the GST Council may again raise tax rates and withdraw exemptions on some more products in its September meeting, according to government sources.

“The inverted duty correction exercise has not concluded yet and there is more work left… The last two-three meetings were productive, with many important decisions being taken. But some items are still pending, including textiles,” according to media reports quoting the sources.

Automobiles, certain types of electronic items, urea and a few other fertiliser inputs have duty inversion (GST rates on inputs materials are more than outward supplies) currently. These segments may see the correction or exemption withdrawal next time.

A group of ministers, headed by Karnataka Chief Minister Basavaraj Bommai, is apparently working on this second round of tax revision and a proposal is likely to be put up before the next council meeting.

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