GST Council approves exemption of extra neutral alcohol from Goods and Services Tax: Report
CNBC-TV18 has reported. As per the report, both grain-based and molasses-based ENA will be exempted from GST. The report further added that the council also agreed to exempt ENA from VAT when supplied for industrial purposes.
The 52nd Goods and Services Tax (GST) Council meeting is currently underway at the Sushma Swaraj Bhawan in New Delhi. Headed by Finance Minister Nirmala Sitharaman, the meeting is being attended by Union Minister of State for Finance, MP Poonia, along with Finance ministers of various States and Union Territories (with Legislature), as well as senior officials from both the Union government and the states. It is also anticipated that the GST Council will assess the states' efforts in implementing the alterations related to the taxation of online gaming in their respective SGST laws, which had received approval during the 51st council meeting, media report shows.
As reported by Economic Times report, the GST council is also expected to provide clarification on the taxation of bank and corporate guarantees furnished by directors and promoters to a company. Furthermore, it will also contemplate potential exemptions for powdered millets sold. The GST Council convenes periodically to deliberate on matters related to the GST regime, including tax rates, policy changes, and administrative issues.
The 52nd meeting is aimed at discussing critical issues affecting the Indian tax system and finding collaborative solutions. The GST Council plays a pivotal role in shaping India's indirect tax structure, ensuring that it aligns with the nation's economic goals and eases the tax burden on citizens and businesses. "Exciting news! Mint is now on WhatsApp Channels
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