According to ANI, the Goods and Services Tax (GST) Council has agreed to reduce GST on millet flour-based culinary preparations from 18 percent to 5%.
The GST Council is said to have approved the fitment committee's recommendation. The purpose of this proposal is to reduce GST rates to 5% on items containing more than 70% millet flour.
The GST Council's fitment committee earlier considered taxing powdered millet but did not offer any incentives for millet-based products.
On Saturday, Union Finance Minister Nirmala Sitharaman presided over the 52nd GST Council meeting at Sushma Swaraj Bhawan in New Delhi.
In addition, the council voted to exempt distilled alcohol for human consumption from the indirect tax.
Extra neutral alcohol (ENA) for industrial usage will continue to be subject to GST.
The GST council agreed to reduce the molasses GST rate from 28 percent to 5%.
"This step will increase mill liquidity and allow for faster payment of cane dues to sugarcane farmers." This will also reduce the cost of producing cow feed, as molasses is used in its production," the council stated in a press release.
The Council also approved the terms and qualifying age limitations for GST appellate tribunals, which was a significant move.
Individuals having at least 10 years of experience in indirect tax law practice are now qualified to apply for the position of Tribunal member (judicial) under the Tribunal Reforms Act 2021. Furthermore, the President's age limit has been raised to 70 years, up from the prior guideline of 67 years, while the age limit for members has been lifted to 67 years.
Furthermore, the Council is said to have established an agreement on how holding/subsidiary firms and directors/promoters should regard corporate/bank guarantees. The valuation percentage on which GST will be levied has been agreed by the council.
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