The 52nd meeting of GST meeting is taking place. With the start of the meeting on Saturday, there has been a big relief regarding GST on food products made from coarse grains. According to news agency ANI, Union Finance Minister Nirmala Sitharaman has decided to cut GST rates on millet i.e. coarse grain. Now GST on coarse grains has been reduced from 18% to 5%.
Whereas, 5% GST is applicable on packaged products of millet. Because, the government is promoting the use of millets. Therefore, the government has decided to reduce the GST rate on coarse grains i.e. millets. Apart from this, the Council can exempt Extra Neutral Alcohol (ENA) from GST.
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
Decision can be taken on these also
Liquor companies can get relief from GST Council in the GST meeting. According to media reports, the GST Council may consider reducing GST on molasses from 28% to 5% to provide clarity to the liquor industry. According to experts, the Council can give clarity to the Centre, states and industry on taxation on ENA (Extra Neutral Alcohol). The Council also has no intention of imposing tax on ENA used to produce alcoholic liquor for consumption.
Apart from this, there are preparations to impose GST on corporate guarantees offered to companies in lieu of loans. This GST can also be decided on 18% on corporate guarantee or 1% on bonds.
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