31st GST Council meeting

The GST Council (‘Council’) convened its 31st Meeting on December 22, 2018 after a gap of almost 3 months. There was a huge expectation in the industry that the Council will rationalize the tax rate on many goods and services.

The Council did not disappoint the industry and reduced tax rate on several items. After these changes, only luxury goods, cement, air-conditioners and some automobile parts will be subject to 28% tax rate. While the news reports before this meeting indicated reduction in tax rate on cement and air-conditioners as well, the Council refrained from doing so. The Council has also proposed to clarify rate on various goods and services where there were doubts. 

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NITYA Insight I Update on 31st GST Council meeting

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