The 47th meet of GST council kickstarted in Chandigarh, with several decisions taken on Day 1 which will change the size of government coffers as well as your wallet in the days to come. In a major decision, the council has decided to set up a GST tribunal, as per ET NOW sources. This move is expected to reduce the burden of cases on high courts and also expedite resolution of GST disputes.
It is also understood that the council has accepted all recommendations of the fitment committee.
The term 'branded' will now be replaced by 'pre-packaged and labelled' to avoid disputes in the retail sphere. Exemptions on several food items will go, while GST on solar water heaters and finished leather will go up from 5% to 12%. We break down the major decisions taken on Day 1 of the 47th GST Council meet as well as the expected final outcomes on the India Development Debate with Abhishek A. Rastogi, Partner at Khaitan & Company and Najib Shah, Former Chairman of CBEC. Tune in!
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