 "GST: Essential to keep track of item-wise rates schedules")
With the conclusion of the first day of the 14th round of the GST Council’s meet, GST is heading closer to timely implementation across the country. The Council’s approval to over seven draft GST rules and fitment of over 1,211 commodities (with an exclusion of six items) in various tax slabs takes GST framework towards finality. With these announcements, India Inc now has sufficient information to realign its reporting systems and existing processes in line with GST requirements.
The broad categorisation of the commodity universe suggests that most of the items would attract 12 or 18 per cent of
