The GST Council’s 50th meeting was held in Delhi on July 11, 2023, under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations to clarify the GST rates:
- It has been decided to clarify that the supply of raw cotton, including kala cotton, by agriculturists to cooperatives is taxable under the reverse charge mechanism and to regularise issues relating for the past period on “as is basis”.
- It has been decided to reduce GST on imitation zari thread or yarn known by any name in trade parlance from 12% to 5% and to regularize payment of GST related to this matter during the past period on “as is basis”.
The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1938812