5% GST Shall be Levied on Molasses and Branded Millet Flour in Powder Form | Notification
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- Last Updated on 21 October, 2023
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Notification No. 17/2023 dated October 19th, 2023
The CBIC has issue notification to reduce GST rate on molasses from 28% to 5%. The rate reduction will increase liquidity with sugar mills as the reduced tax burden will leave more financial resources at their disposal and would enable faster clearance of cane dues to the sugarcane farmers.
It is also provided that 5% GST rate shall apply on millet flour in powder form when sold in pre-packaged and labelled form which would lead to a significant reduction in tax from the existing GST rate of 18% on millet-based food preparations.
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