CBIC advises stakeholders to wait for official GST rate announcements

According to media sources, The Central Board of Indirect Taxes and Customs (CBIC) has urged people to avoid speculation on GST rates. In a social media post, CBIC said that decisions in this regard are taken collectively by the GST Council, which comprises the Centre and States. It said that premature speculation gives rise to baseless rumours and may cause volatility in the markets. CBIC also advised all stakeholders to kindly await the official announcements, which will be made after the GST Council meeting scheduled on the 3rd and 4th of September this year.