21.1 C
New Delhi
Wednesday, February 28, 2024

Subscribe

Latest Posts

GST Council Decisions: No GST On Flour With 70% Millet; Molasses Gets Tax Cut To 5% – News18


Union Finance Minister Nirmala Sitharaman at the 52nd meeting of the GST Council in New Delhi on October 7

52th GST Council Meeting: The Council in its 50th meeting approved levying a 28 per cent tax on the full face value of bets in online gaming

52nd GST Council Meeting: Following its 52nd meeting in New Delhi on Saturday, the Goods and Services Tax Council opted to reduce the GST on powdered millet flour from the existing 18% to 5%.

Also, it was announced that millet flour with a composition of 70% or more will be exempt from tax, while branded products will incur a 5% GST.

To promote tourism, GST Council recommended conditional and limited duration IGST exemption to foreign flag foreign going vessel when it converts to coastal run.

GST Council also recommended to keep Extra Neutral Alcohol (ENA) used for manufacture of alcoholic liquor for human consumption outside GST.

The GST Council also decided to reduce GST on molasses to 5 per cent, from 28 per cent, and exempt alcohol for human consumption from the levy. FM said it will benefit sugarcane farmers, lower cattle feed cost.

“ENA (potable alcohol) for human consumption will be exempt from GST and the same will be communicated to the Supreme Court,” Chhattisgarh Deputy Chief Minister TS Singh Deo, who is a member of the GST Council told reporters after the 52nd GST Council meeting.

The tax rate on molasses, a by-product of sugarcane and used as raw material for alcohol production, has been reduced to 5 per cent from 18 per cent currently, Deo added.

He further said that some states like Delhi and Goa raised the issue of online gaming companies facing GST demand notice for alleged evasion.

“There were discussion on charges (tax demand notice) on these companies retrospectively. Because DGGI is an independent body, there cannot be any interference. The (GST Council) chairperson said she would make clarifications available to DGGI, if required,” Deo added.

Union Finance Minister chaired the 52nd GST Council meeting at Sushma Swaraj Bhawan, New Delhi. The meeting was attended by the Union Minister of State for Finance, besides Finance Ministers of States and UTs (with Legislature) and Senior officials from Union Government and States.

In the 51st GST Council in August, it was decided to keep the 28 per cent tax on online gaming, casino and horse racing, and discussed the modalities to implement it.

Sitharaman had then said the 28 per cent GST on online gaming is expected to be implemented from October 1 and will be reviewed after 6 months of its implementation.

The Council in its 50th meeting approved levying a 28 per cent tax on the full face value of bets in online gaming, casinos and horse racing.



Latest Posts

Subscribe

Don't Miss