GST Turns 5 (30 June, 2022)

Commenting on the GST slab revision, SW India’s Ankur Gupta said, “By bringing amendment and replacing “branded” with “prepackaged and labeled” a lot of local unbranded products which are used in all households would also come under the taxable ambit, hence, we might see an increase in prices like curd, lassi, papad, honey, cereals, etc. In order to rationalize the inverted duty structure in a few industries, the rate of tax has been increased to reduce the inverted duty impact like goods for petroleum, works contracts to services to Government, led lights, solar water heaters, tailoring, and other textile job work.”

“However, there are still some aspects that have been deferred like a decision on taxing crypto to iron out all aspects including valuation of supply and then finalizing the tax rate, setting up of GST Tribunal,” he added.

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