GST Council has implemented many measures to provide relief to the people before the festivals. In the council meeting held today, a decision was taken to reduce the GST rates on many products including jaggery (GST on Molasses). Finance Minister Nirmala Sitharaman gave information about these in a press conference in the evening after the 62nd meeting of the GST Council.
Tax reduced on jaggery and brocade
Finance Minister Nirmala Sitharaman told. That GST rates on jaggery have been reduced to 5 percent. Till now jaggery was taxed at the rate of 28 percent. Similarly, GST rates on Zari thread used in sewing and embroidery have been reduced from 18 percent to 5 percent. The GST Council also considered taxing Millet (GST on Millet) i.e. coarse grains and decisions were also taken in this regard.
Relief in case of coarse grains
The Finance Minister said that if 70 percent coarse grains are used in the composition of a product, then no tax will be levied in such cases. However, this exemption from tax will be available only when the composition of coarse grains is at least 70 percent by weight and the products are without branding. In case of branded products, tax will be charged at the rate of 5 percent. Till now, in the case of branded and pre-packaged products, 18 percent tax was being levied.
These changes regarding the Appellate Tribunal
Apart from the tax rates, also in this meeting of the GST Council. Many important decisions were taken. The Finance Minister said that the Council approved increasing the tenure of the members of the Appellate Tribunal from the present 65 years to 67 years. Lawyers with at least 10 years of experience can be made members of the Appellate Tribunal.
State governments will take a decision on ENA
This will be discussed in the GST Council meeting regarding extra neutral alcohol. It was decided that state governments can take their own decisions regarding tax on this. The Finance Minister said that even though the court has given the GST Council the right to decide on tax on ENA, we have decided to hand over this right to the states. This means that now only the state governments will impose tax on ENA for industrial use.
They have time till January
Relief was also given to some taxpayers in the council meeting. In the press conference after the meeting, Revenue Secretary Sanjay Malhotra said that appeals regarding increased pre-deposit can be filed till January 31, 2024. He said that in cases where orders have been passed till March 2023, appeal can be made till January next year.
Get more latest business news updates