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CBIC clarifies GST rates and classification of goods after 55th Council meet
A circular issues clarifications on GST rates and classification of goods, based on GST Council recommendations from its 55th meeting at Jaisalmer on 21st December, 2024. Businesses dealing in the covered goods should re-check the rate and HSN they are charging.
Summary by TaxSavvy. Read the official notice.
Read the official notice (opens CBIC GST (advisories and what is new) in a new tab)In short: FPAC
- Facts
- CBIC has issued a clarification on GST rates and classification of goods based on recommendations of the GST Council in its 55th meeting held on 21st December, 2024, at Jaisalmer.
- Provisions and law
- CBIC GST circular issued pursuant to the recommendations of the GST Council, 55th meeting, 21st December, 2024.
- Analysis
- Where your goods fall within the items clarified, the rate and classification position stands settled, so invoices and returns should follow the clarified treatment.
- Conclusion
- Read the circular for the goods you deal in and align your HSN and rate before the next return.
What to do
- InformationList the goods you sell and the HSN and rate currently used on invoices.
- DiscussionCheck with your CA whether any item you deal in is covered by this clarification.
- FormsCorrect rate or HSN in outward supply data before filing the next GST return.
- DeliverablesUpdated rate master and invoice format matching the clarified classification.
Steps follow IDFD: Information, Discussion, Forms, Deliverables.
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See the serviceOfficial source: CBIC GST (advisories and what is new), “Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 55th meeting held on 21st December, 2024, at Jaisalmer -reg.”. This summary is general information, not advice for your case. The official notice is the final word.