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  • Financial Express

GST Council Meeting: Here are key announcements and its impact on Indian economy

The GST Council, after its 50th meeting under the chairpersonship of Finance Minister Nirmala Sitharaman, on July 11, announced several key recommendations regarding changes in GST tax rates, measures for facilitation of trade, and streamlining of compliance processes.

In terms of recommendations relating to GST rates on goods, it has been decided to reduce the rate on uncooked/unfried snack pellets from 18 per cent to 5 per cent. It also decided to exempt IGST on imported medicines and also Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases listed under the National Policy for Rare Diseases, 2021. It was also decided to clarify that supply of raw cotton including kala cotton, by agriculturists to cooperatives is taxable. GST on imitation zari thread or yarn is reduced from 12 per cent to 5 per cent.

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