India's GST Council implements tracking system to curb tax evasion and adjusts tax rates on various goods.
The GST Council in India has approved a 'Track and Trace Mechanism' to reduce tax evasion by marking goods uniquely throughout the supply chain. The council also lowered the GST rate on fortified rice kernel to 5%, exempted gene therapy from GST, and reduced the compensation cess rate to 0.1% for merchant exporters. They also recommended no GST on certain vouchers and updated the definition of 'pre-packed and labelled' goods.
3 months ago
14 Articles
This is your last free story for the month. Don’t miss out — Subscribe now for unlimited access!