47th GST Council Meeting's Outcome

The GST Council headed by Finance Minister conducted its 47th meeting on 28 June 2022 and 29 June 2022 in Chandigarh. The agenda of the meeting was to discuss and decide upon 4 GoM (Group of Ministers) reports submitted before the Council pertaining to issues of rate rationalization (including correction of inversion and rationalization of exemptions), measures to further streamline GST compliances, relief to MSMEs, amongst others. The Council has recommended various changes in GST rates as well as regulatory rules which shall come into effect after issuance of relevant Notifications / Circulars.

The key recommendations made by Council are incorporated in the Newsflash.

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