THE GST Council has finally bitten the bullet by increasing tax rates on several items amid inflationary pressure and supply disruptions due to geopolitical tensions.
Acting on the interim report of Group of Ministers (GoM) on rate rationalisation, the Council in its meeting in Chandigarh has increased rates on several goods and services. Though most of the increases in GST have been made owing to removal of inverted duty structure, the Council also decided to do away with exemptions on several goods and services. The changes will be implemented from July 18.
The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, has been given 3 months time to submit a final report on rate rationalisation and tax slab merger.
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