GST Council Implements “Track and Trace Mechanism”

The GST Council has introduced a "Track and Trace Mechanism" to improve accountability and reduce tax evasion by using unique identification marks on goods. Tax rates have been adjusted, including a reduction on fortified rice kernels (18% to 5%) and exemption for gene therapy. Import exemptions were granted for International Atomic Energy Agency (IAEA) equipment, and contributions to the Motor Vehicle Accident Fund are now GST-exempt. Other clarifications include the non-taxability of vouchers and penal charges. These updates aim to enhance compliance, reduce ambiguities, and promote fairness in India's GST framework.