The Ministry of Commerce and Industry has recently shared a list of certain products with the Ministry of Finance to address Inverted Duty Structure (IDS) issues.
About Inverted Duty Structure (IDS):
- IDS refers to a situation where the import tariff on inputs is higher than the tax levied on the final output.
- In other words, the GST rate paid on purchases is more than the GST rate payable on sales.
Other key facts:
- ITC: The Goods and Services Tax (GST) paid by a taxable person on any purchase of goods and/or services that are used or will be used for business.
Ref: Source
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