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of <h1>GST Council Sets 5% Rate on Imitation Zari Thread; No Refunds for Tax Inversion on Polyester Films.</h1> The GST Council, in its 52nd meeting, clarified the GST rate on imitation zari thread or yarn, recommending a 5% GST rate for products made from metallised polyester or plastic film under HS 5605. This decision aligns with the previous recommendation from the 50th meeting and is applicable under the MGST Act, 2017, as per the Central Board of Indirect Taxes and Customs circular. The council specified that no refunds will be allowed on polyester or metallised plastic films due to tax rate inversion. Any implementation difficulties should be reported to the relevant authorities.
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