52nd GST Council Meeting: Change in GST rate of Molasses

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52nd GST Council Meeting, Press Release, Press Release

The GST Council’s 52nd meeting was held in Delhi on October 07, 2023, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendation:

  • To reduce the GST rate on molasses from 28% to 5%.

This step will increase liquidity with mills and enable faster clearance of cane dues to sugarcane farmers. This will also lead to reduction in cost for manufacture of cattle feed as molasses is also an ingredient in its manufacture.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1965431

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🗓️ Date : October 09, 2023, Monday

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📝 Coverage:

✔️ New condition for Supply of services/goods to SEZ Developer/Unit
✔️ Input Tax Credit for CSR Expenses restriction
✔️ Input Tax Credit reversal under Rule 42 & Rule 43 with respect to Supplies from Bonded Warehouse
✔️ Filing returns/statements namely GSTR 1, GSTR 3B, TDS Statement, and Annual Return restriction
✔️ IGST applicability on Ocean Freight by the importer of goods
✔️ Can Suppliers of goods through an E-Commerce platform are eligible to opt for a composition scheme
✔️ Offenses have been decriminalized, and what is the new threshold amount for prosecution under GST Law
✔️ Important Changes under Online Gaming
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