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HomeEconomyGST Council meet outcomes: GST rate cut on fortified rice kernels to...
Economy

GST Council meet outcomes: GST rate cut on fortified rice kernels to 5%; no consensus on ATF and more

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The 55th goods and services tax council meeting headed by Finance Minister Nirmala Sitharaman on Saturday announced exemption for payment aggregators who do less than Rs 2000 payment, reduction in rate of compensation cess to 0.1% on supplies to merch exporters, extension of exemption of missile parts and more.

The council, chaired by union finance minister Nirmala Sitharaman, decided to reduce the tax rate on fortified rice kernels to 5% from 18%.

Furthermore, the council also decided to extend part of surface to missile parts exemption.

Additionally, the panel headed by the Finance Minister also decided to exempt gene therapy from being taxed.

Nirmala Sitharaman also announced that despite discussions, decision on GST rate for food delivery platforms like Swiggy and Zomato to 5% (without input tax credit) from the existing 18% (with ITC) was deferred.

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Content Source: economictimes.indiatimes.com

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