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<h1>GST Council approves Chapters I-IX with amendments: 20% rate cap, composition rules, reverse charge and deferred cross-empowerment decision.</h1> The Council approved Chapters I-IX (Sections 1-46) of the Draft Model GST Law with specified amendments: exclude Jammu & Kashmir from Section 1(2); revise the definition of agriculture and merge agriculturist definitions; raise the statutory rate cap to 20% (CGST and SGST); allow composition by intimation with turnover cap not less than Rs. 50 lakh and set composition rates at 1% for traders and 2% for manufacturers; apply reverse charge on supplies from unregistered persons; extend the payment period for input tax credit reversal from three to six months; set TDS threshold at Rs. 2.5 lakh; defer decisions on ITC for capital goods and cross-empowerment.
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