Business

GST Council Chooses To Reduce Molasses Tax To 5%

The GST Council resolved on Saturday to decrease the GST on molasses to 5 percent from 18 percent and to remove alcohol for human consumption from the levy.

T S Singh Deo, Deputy Chief Minister of Chhattisgarh, stated that extra-neutral alcohol (ENA) for industrial usage will continue to be subject to the Goods and Services Tax (GST).

“ENA (potable alcohol) for human consumption will be exempt from GST and the same will be communicated to the Supreme Court”, said Deo following the GST Council’s 52nd meeting.

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

He went on to say that other states, such as Delhi and Goa, have addressed the issue of online gaming companies receiving GST demand letters for alleged evasion.

“There was 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 stated she would make clarifications available to DGGI if required”, Deo added.

Also read: Haryana Government Commences Construction Of 800 MW Power Unit At Yamunanagar Thermal Plant

Spriha Rai

Recent Posts

‘In Kabul, A Cat Has More Freedom Than A Woman’: Revisiting Women’s Struggles Under The Taliban

The Taliban’s regime has since imposed over 100 laws restricting women's rights, stripping them of…

1 hour ago

PM Modi’s Gifts: A Glimpse Of India’s Cultural Heritage In Global Diplomacy

These gifts to world leaders reflect the diverse traditions, arts, and crafts of India, emphasizing…

4 hours ago

Dr Rajeshwar Singh Calls For Bold Goals To Make India A Global Power By 2047

Dr Singh stressed the importance of reaching a GDP of $15 trillion by 2047 to…

5 hours ago

Gautam Adani Faces Indictment In US: Legal Expert Vijay Aggarwal Dismisses Immediate Repercussions

Criminal lawyer Vijay Aggarwal weighed in on the charges against Adani. He believes the indictment…

5 hours ago

Adani Group Stocks Recover As Sensex nd Nifty Post Gains

After a major sell-off earlier in the week, Adani Group stocks, led by Ambuja Cements…

6 hours ago

Sensex Soars 1,961 Points, Nifty Gains 557 In Broad-Based Market Rally

A sharp rally in financial stocks and encouraging US labor market data fueled the uptrend.…

6 hours ago