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GST Council reduces tax on millet flour from 18% to 5%, supporting India's 'Year of Millets.' Decision encourages millet-based products, aligning with sustainable agriculture efforts. 

GST Council slashes Millet flour tax to 5% from 18%: Boosting 'Year of Millets'

<h2>GST Council reduces tax on millet flour from 18% to 5%, supporting India's 'Year of Millets.' Decision encourages millet-based products, aligning with sustainable agriculture efforts</h2>

In a move aimed at boosting the consumption of millet-based products, the Goods and Services Tax Council has announced a reduction in tax rates. Millet flour food preparations, previously taxed at 18%, will now attract a 5% GST on packaged flour and none on loose Millet flour.
This decision aligns with India's current focus on promoting millets, marking 2023 as the 'Year of Millets'. The move is anticipated to make millet-based products more accessible and affordable for consumers across the country.
The GST Council's decision comes after the fitment committee's recommendation to grant an exemption on powdered millet. While incentives for prepared produce made from millet were not initially considered, this revised taxation policy is expected to encourage the production and consumption of millet-based food items.
Additionally, the Council is believed to have reached a consensus on imposing an 18% GST on corporate guarantees extended by holding companies and subsidiaries. This measure aims to streamline financial regulations in the corporate sector.
Furthermore, the Council deliberated on a proposal to reduce the GST on molasses from the existing 28% to 5%. This adjustment is anticipated to provide clarity to the liquor industry and facilitate smoother operations within the sector.
The decisions made during the 52nd GST Council meeting reflect the government's ongoing efforts to support sustainable agriculture practices, promote healthier dietary choices, and create a more business-friendly environment for various industries in the country.
Also Watch: <a href="https://www.editorji.com/business-news/gst-council-to-review-28-levy-on-online-gaming-horse-racing-and-casinos-at-upcoming-meeting-1696425755131">GST Council to review 28% levy on online gaming, horse racing, and casinos at upcoming meeting</a>

Delhi Finance Minister Atishi urges GST withdrawal on online gaming, fearing its impact on startups. Tax claims of ₹1.5 trillion endanger job market. GST Council deliberates, industry's fate uncertain

Delhi Finance Minister urges withdrawal of online gaming GST

<h2>Delhi Finance Minister Atishi urges GST withdrawal on online gaming, fearing its impact on startups. Tax claims of ₹1.5 trillion endanger job market. GST Council deliberates, industry's fate uncertain</h2>

Delhi's Finance Minister, Atishi, has called for the withdrawal of tax notices issued to the online gaming industry ahead of the GST Council meeting. Atishi voiced concerns that the proposed 28% Goods and Services Tax on online gaming firms could pose a significant threat to the entire Indian startup sector.
During a virtual press conference, she emphasized the sector's vital contributions, citing its ability to attract ₹70,000 crore in foreign investment, with an additional ₹25,000 crore expected soon.
The Finance Ministry's revenue department recently sent out retrospective GST claims as high as ₹1.5 trillion across the gaming industry, categorizing real-money gaming firms as gambling entities. Leading gaming companies are currently in the process of receiving these notifications, scheduled for completion by the end of the month.
Atishi highlighted the importance of a stable tax environment for startups, stating that the erratic taxation could lead to the closure of the online gaming industry, thereby jeopardizing jobs and hindering foreign investments.
She criticized the GST Council's decision, noting the contradiction between promoting startups and implementing policies that could potentially harm the industry.
Entrepreneurs and startups have been instrumental in boosting the Indian economy, creating jobs, and fostering innovation. Atishi urged the GST Council to reconsider its stance, underlining the necessity of policies that support the growth and sustainability of the startup sector. As the GST Council convenes, the fate of the online gaming industry and its implications for the broader startup ecosystem hang in the balance.

All GST compensation dues will be cleared, FM Sitharaman at the GST Council meet

She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June.

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said.
Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board.
She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June.
The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date.
Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.&nbsp;
Also watch: &nbsp;<a href="https://www.editorji.com/india-news/local/i-t-survey-on-bbc-cbdt-says-income-profits-not-commensurate-with-operations-in-india-1676638242393">I-T survey on BBC: CBDT says, income, profits not commensurate with operations in India</a>

GST Council meeting will be chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts on Feb 18 

GST Council meeting on Feb 18, here's a list of key expectations 

GST Council meeting will be chaired by Union finance minister Nirmala Sitharaman and attended by her state counterparts on Feb 18&nbsp;

The GST Council in its meeting on Saturday is likely to discuss setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha business, sources said.
The report of panel of ministers on Goods and Services Tax (GST) on online gaming and casinos may not come up for deliberation at the February 18 meeting of the GST Council, chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts.
The items, which could not be discussed by the Council in its last meeting on December 17, 2022, would top the agenda of the 49th GST Council meeting on February 18, the sources said.
The report of the Group of Ministers (GoM), headed by Odisha finance minister Niranjan Pujari, on checking tax evasion by pan masala and gutkha industry would be taken up for discussion.
The report of the GoM on Goods and Services Tax Appellate Tribunals (GSTATs) was set up in July last year under the chairmanship of Haryana deputy chief minister Dushyant Chautala.
The GoM has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as president.
However, the Meghalaya chief minister Conrad Sangma chaired panel report on online gaming is unlikely to come up for discussion. The report has already been submitted to the Union finance minister and it has to be circulated to states before it could come up before the Council for deliberation.
The GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.

46th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will meet today in-person to discuss issues of rate rationalisation and changes in tax rate.

GST Council Meeting : 46th GST Council meeting meet today, FM & States to discuss long agenda list

Currently, GST is a four-tier slab structure of 5, 12, 18 and 28 per cent. Essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. 

GST Council meeting meet today, here is what to expect

Currently, GST is a four-tier slab structure of 5, 12, 18 and 28 per cent. Essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab.&nbsp;

The<a href="https://www.editorji.com/business-news/economy/gst-council-meeting-meet-today-fm-states-to-discuss-rate-slabs-and-hikes-1640922191167" target="_blank"> 46th GST Council meeting</a>, chaired by Finance Minister Nirmala Sitharaman, will meet today in-person to discuss issues of rate rationalisation and changes in tax rates for textiles and footwear. Read/Watch Also: <a href="https://www.editorji.com/business-news/economy/gst-rates-rules-and-other-changes-that-take-effect-from-from-january-1-1640835426573" target="_blank">GST rates, rules and other changes that take effect from January 1</a>
The meeting will be held in person but to maintain covid&nbsp;protocol the govt has asked each state to send only two representatives.&nbsp;The meeting comes amid demands of several industry bodies and state ministers to roll back a <a href="https://www.editorji.com/business-news/personal-finance/get-ready-to-pay-more-for-shoes-and-clothes-gst-rate-more-than-doubles-1637472635509">proposed hike in textile from 5 per cent to 12 per cent.&nbsp;</a>
Besides, the Fitment committee, comprising tax officers from states and the Centre, has made many "sweeping" recommendations to the GoM regarding <a href="https://www.editorji.com/business-news/personal-finance/taxing-times-gst-rate-likely-to-be-raised-categories-to-reduced-reports-1634024732411">slab and rate changes and taking items out of the exemption list.</a>
Currently, <a href="https://www.editorji.com/business-news/personal-finance/get-ready-to-pay-more-for-shoes-and-clothes-gst-rate-more-than-doubles-1637472635509" target="_blank">GST </a>is a four-tier slab structure of 5, 12, 18 and 28 per cent.There have been demands for merging the 12 and 18 per cent slabs as also taking out certain items from the exempt category to balance the impact of slab rationalisation on revenue.

gst council meeting

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