ποΈ GST Council meeting set for Sep 12 to ease tax blocks
The 57th GST Council meeting is scheduled in New Delhi on September 12, following an officersβ meeting on September 11. Sources indicate the Council might relax restrictions on blocked input tax credit (ITC) under Section 17(5) of the CGST Act. This provision currently restricts ITC on things like motor vehicles and beauty treatments, causing business expenditure issues. The Council will also look into refunding accumulated ITC under the inverted duty structure. These potential reforms aim to lower working-capital burdens and improve GST fairness. π°