GST Council to fix inverted duty anomaly soon
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India, March 4 -- he Goods and Services Tax (GST) Council, the apex federal body on indirect taxation, will consider removing anomalies in the duty structure in several sectors such as textiles, fertilizers and footwear this month, two people aware of the development said.
Terming it a long-pending issue, the two people who spoke on condition of anonymity, added that it requires urgent attention now because the businesses involved are unable to claim input-tax credit (ITC) because of higher levies on raw materials compared to the finished goods. This is referred to as an inverted duty structure-a situation in which inputs are taxed at a higher rate than finished goods.
The Council could not correct this in the past, particularly during ...
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