Several goods and services will cost more from July 18 due to the Goods and Services Tax GST Council approving an increase in rates to address inverted duty structures and withdrawing some exemptions. Finance Minister Nirmala Sitharaman said that any increase in GST rates is intended to make up for inefficiencies in the value chain. She said that all states are aware of the potential impact of rate rationalisation on inflation and that any increase in GST rates will make up for the tax burden borne by some other activities in the value chain. Technology may correct errors for inefficiencies and have a possible impact on revenue collection. The RBI study has a negative effect on the revenue-neutral rate, which has been breached to the disadvantage of the system. Sitharaman said after the 47th council meeting that it calls for a correction. The minister said there was no opposition from any state on changes in rates. She said that the suggestions of the Fitment Committee before the GST Council were considered in full, and more or less, all of them have been accepted. The GST slabs reform was put off by the council after the group of ministers GoM gave another three months to give its recommendations on rate rationalisation. There was no decision on the taxation of online gaming, casinos, and horse racing, as the GoM that reviewed the issue was asked to make a final recommendation by July 15, following a representation from Goa on casinos. The council will meet in Madurai in the first week of August to consider these recommendations. The council heard from many states for the extension of the compensation cess that lapses today, but no decision was taken. Many states have said they will take the issue to Prime Minister Narendra Modi. The revenue-sharing formula under the GST regime should be changed or the compensation period extended by five years, according to the opposition-ruled states. The issue of GST on cryptocurrencies was not discussed by the council. Sources said the final report from the law committee is awaited.