GST rate changes to be taken up only once a year; new rates to take effect from April 1: Sources
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Changes in GST rates will now be taken up only once in a year, according to top government sources. Sources also said any related rate change proposals are not on the agenda of the upcoming GST Council meeting on October 8.
"Rate changes are not on the table in this meeting. From now on, GST rate changes will be taken up only once in a year," said sources close to the development.
The upcoming GST Council meeting will take up process reforms under the GST 2.0 reforms initiated last year. The government has undertaken a slew of meetings with the states in the last one year, to initiate the set of process reforms, which will be deliberated in the GST Council meeting day after tomorrow.
The GST council will take up large scale decriminalisation of the GST Laws and removal of arrest provisions. Yet another crucial proposal, which the GST council is scheduled to examine pertains to refund. "Refund claims will be acknowledged in ten days. If the refund is not acknowledged in ten days, they will be deemed to be acknowledged," sources said.
"There are five pillars of further reforms under GST 2.0 proposed for the Council. These include process reforms, structural reforms, ease of living, exports of services, and e-commerce reforms," sources said.