Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Article 279A of the Constitution of India establishes the GST Council. The purpose of the GST Council is to make recommendations to the Union and State on matters pertaining to GST. To fulfil this purpose, the GST Council conducts periodic meetings. The 47th GST Council meeting was convened on 28th and 29th June 2022, in Chandigarh. After a detailed discussion, several recommendations were made by the Council relating to inverted duty structures, change in GST rate, and withdrawal of certain exemptions, trade facilitation and GST Compliances. In this blog, we will discuss the recommendations of the 47th GST Council.
Inverted Duty Structure means when the tax rate on purchase is more than the tax rate on outward supplies. This leaves the registered person with unutilized Input Tax Credit. To curtail the use of an Inverted Duty Structure, the GST Council has suggested changes in the rate of certain items. It is as follows:
One of the most significant changes brought by the 47th meeting of the GST Council is the withdrawal of exemption on non-branded pre-packaged commodities. Under the GST law1, food items, grains, etc., that are not branded or right on the brand have been foregone is exempt from GST. The GST Council has recommended a revision in the scope of the exemption to exclude pre-packaged and pre-labelled retail packs such as pre-packed, pre-labelled curd, lassi, and buttermilk.
Trade Facilitation measures recommended by the GST Council are as follows:
All-in-all, it can be said that the 47th GST Council Meeting was mixed as several recommendations were welcomed, especially those relating to compliances and trade facilitation, while on the other hand, some recommendations were considered redundant or required more clarity.
The 47th GST Council Meeting was held in Chandigarh.
The 47th GST Council Meeting was held on 28th and 29th June 2022.
The 47th GST Council Meeting was held under the Union Minister for Finance and Corporate Affairs chairmanship, Smt. Nirmala Sitharaman.
One of the key highlights of the 47th GST Council Meeting is that it has recommended revising the scope of the exemption to exclude it from the pre-packaged and pre-labelled retail pack in terms of the Legal Metrology Act of 2009 to include pre-packed, pre-labelled curd, lassi and buttermilk.
The 47th Amendment of GST refers to the modifications implemented in accordance with the recommendations put forth during the 47th GST Council Meeting.
One of the most highlighted changes of the 47th GST Council meeting is the withdrawal of the exemption on non-branded pre-packaged commodities.
The Securities and Exchange Board of India (SEBI) issued a circular on May 2, 2025, simplifying...
Experiencing the loss of a loved one is one of the deepest emotional hardships a person can fac...
On January 16, 2025, the Reserve Bank of India (RBI) released the list of Non-Banking Financial...
Over the decades, the Oil and Natural Gas Corporation (ONGC) has been a key pillar in the portf...
The Reserve Bank of India, on April 11, 2025, posted a Press Release No. 2025-2026/96 on their...
Singapore is a popular and thriving business hub in Southeast Asia with a strong economy; corporate-friendly scheme...
24 Feb, 2025
Infrastructure and real estate have been regarded as India's "sunshine sector" since the turn of the century and ha...
30 May, 2024