The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman wherein correction in Inverted Duty structure in Footwear and Textiles sector and the New Rules applicable from 1st January, 2022.
“The GST rate changes in order to correct inverted duty structure, in footwear and textiles sector, as was discussed in earlier GST Council Meeting and was deferred for an appropriate time, will be implemented with effect from January 1, 2022,” the press release said.
The council could not correct it in the past, particularly during last year due to the pandemic, because it would have had an adverse impact on either GST revenue collections or consumer prices of the finished products, one person said.
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