At the GST Council meeting in September it was decided to correct the inverted duty structure for textiles and footwear...

This will be a physical meeting, which will also discuss correction in duty inversion in certain goods...

The Telegraph had reported in September of the possibility of a rise in garment prices because of the government’s move to correct the inverted duty structure...

The study by the National Institute of Public Finance and Policy said merging the 12% and 18% rates into a rate lower than 18 per cent may result in a revenue loss...

The council’s decision would be critical as the legally bound compensation provided by the Centre to the states for revenue shortfall would end in June 2022...

The finance ministry’s revenue department has written to various organisations to give their suggestions within 10 days...

A sum of Rs 1.10 lakh crore was given to the states under a similar arrangement in the last fiscal...

The GST Council has increased the GST on ores and concentrates of metals such as iron, copper, aluminum, zinc and a few others to 18 per cent from 5 per cent...

The Group of Ministers will also review items under inverted duty structure to help minimise refund payout, and review supply of goods and services exempt under GST...

The increase in average tax rate would help the states in getting more revenue and reduce their dependence on the Centre for compensation for any shortfall...