GST On Millet Flour Preparations Slashed To 5%, Decides Council: Sources

New Delhi: Goods and Services Tax (GST) Council has decided to slash GST on millet flour food preparations from the current 18% GST to 5%: Sources to ANI

Written by: Ananya Srivastava

Updated: October 7, 2023, 1:04 PM IST

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https://www.india.com/business/goods-and-services-tax-gst-council-to-slash-gst-on-millet-flour-food-preparations-from-the-current-18-gst-to-5-percent-6388912/ Copy

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New Delhi: The 52nd Goods and Services Tax (GST) Council Meet is underway and some major decisions are being announced. The agenda for the meeting had not been disclosed but an announcement regarding the GST rate on millet flour food productions has been made; the GST is said to have been slashed down by 13%. The meeting is still underway and it is being chaired by the Union Finance Minister, Nirmala Sitharaman. Take a look at the key announcements made till now, in the 52nd GST Council Meeting, which is going on in New Delhi..

GST Council Meet 2023: Latest Updates

Millet Flour Preparations GST Slashed By 13%

The GST on the Millet Flour Preparations has been slashed down by a total of 13 percent according to sources. According to the new agency ANI, sources have said, “Goods and Services Tax (GST) Council has decided to slash GST on millet flour food preparations from the current 18% GST to 5%.” More details on this are awaited.

Extra Neutral Alcohol Exempted From GST

The GST Council chaired by Finance Minister Nirmala Sitharaman on Saturday approved to exempt the extra neutral alcohol (ENA) (both grain-based and molasses-based ENA) from GST when supplied for the manufacture of alcoholic liquors. The council also agreed that the states will exempt ENA (both grain-based and molasses-based) from VAT when supplied for industrial purposes, according to sources at CNBC-TV18.

GST Council Likely To Levy 18% GST On Loans

A CNBC-TV18 Report quoted sources as, “GST Council is likely to deliberate on the proposal to levy 18 percent GST on corporate guarantee extended by holding companies/subsidiaries.”

Council Likely To Have Approved Terms Of GST Appellate Tribunals

It is also being reported that the GST Council is likely to have approved the qualifying age limits and other terms of the GST Appellate Tribunals; the Council may have agreed to the aligned terms and age limits with the Tribunal Reforms Act 2021. It is being said that advocates who have ten years of experience in indirect tax law practice will now be eligible to apply for the (Judicial) Tribunal Member Post. The age limit for the President is now 70 years instead of 67 years and for members, is has been increased to 67 years.