New GST Rates: Here’s What Has Changed After the 25th GST Council Meeting

The government declared yet another major revision of the GST rates after the 25th meeting of the GST Council.

The new cuts affect goods like 20-liter bottles of drinking water, second-hand vehicles, and biodiesel. The council has stated that the government will lose an estimated Rs 1000 crore from these changes. The new rates will take effect from January 25.

The new rates will affect 29 goods and 53 services. On the business front, the meeting agreed to shift towards a more comfortable compliance regime, which will possibly use a single form or invoice.

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