Key Points
The Group of Ministers (GoM) tasked with resetting rates is conducting a thorough review of various categories, including items in the 12% and 18% brackets..
They plan to make decisions on several products and services toward the end of September, the report (by Sidhartha) said...
Other rate changes, focused on specific goods and services, will be worked out in the coming weeks and then presented to the GST Council...
Industry players have requested that the rate changes be limited to twice a year to prevent vendors from facing difficulties due to frequent changes in levies after supplying goods and services...
"Industry players have demanded that instead of undertaking frequent changes, the rate tweaks should be restricted to twice a year so that the vendors do not suffer due to the change in levies after they have supplied the goods and services," ToI said quoting an industry representative..
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