December 22, 2024 5:58 PM

55th GST council meeting: Tax rate changes and compliance reforms announced

The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, was held on Saturday in Jaisalmer, Rajasthan. The meeting, attended by senior officials and representatives from states and union territories, resulted in several significant decisions aimed at tax rate changes, trade facilitation, and compliance streamlining under GST. The Council recommended a reduction in the GST rate on Fortified Rice Kernel (FRK) to 5%. It also announced a full exemption of GST on ge...