NEW DELHI, Feb. 14 -- GST Council, the federal indirect tax body, is set to make changes in tax rates of goods and services a yearly affair, moving away from frequent rate revisions to remove 'uncertainty' for businesses and the government, finance minister Nirmala Sitharaman said on Sunday.
Sitharaman said that frequent changes in GST rates have led to an inverted duty structure, where the raw materials ended up becoming costlier than the finished product, in some cases which also created problems with tax refunds.
"Therefore, when the rate of tax of one item is brought down, a whole lot of other ripple effects are created. With that ripple effect, refund is affected," Sitharaman said at a post budget interaction with reporters in Kolkat...