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GST rates revision

Accounts YFTI (2 Points)

24 September 2024

May I know when was the last revision is GST rate slabs

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5734 Points)
Replied 25 September 2024

The last revision of the GST rate slabs was made during the 50th GST Council Meeting on July 11, 2023 ¹. Here are some of the key revisions that were made ¹: - *Cancer-Related Medicine*: Exempt from GST - *Imitation Zari Thread*: GST rate reduced from 12% to 5% - *Food for Special Medical Purposes (FSMP)*: Exempt from GST - *Unfried, Uncooked, and Extruded Snack Palettes*: GST rate reduced from 18% to 5% - *Medicines for Rare Diseases*: Exempt from GST - *LD Slag and Concentrates*: GST rate reduced from 5% to Nil - *Retailed Ethyl Alcohol to Refineries*: GST rate reduced from 18% to 5% Additionally, some other revisions were made during the 47th GST Council Meeting on July 13, 2022, which came into effect on July 18, 2022 ¹. Some of the key revisions include ¹: - *Tetra Packs*: GST rate increased from 12% to 18% - *Polished and Cut Diamonds*: GST rate increased from 0.25% to 1.5% - *Pencil Sharpeners*: GST rate reduced from 18% to 12%

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