GST Council meeting today, tax on liquor may be reduced; These issues can be discussed
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New Delhi (Uttam Hindu News): The 52nd meeting of the GST Council is going to be held on Saturday at Vigyan Bhawan in Delhi. Some unresolved reform issues may be discussed in this meeting. The GST Council will assess the efforts of states to implement the changes related to taxation of online gaming in their respective SGST laws. This meeting will be held at Sushma Swaraj Bhawan under the chairmanship of Union Finance Minister Nirmala Sitharaman.
Liquor companies are expected to get relief on the GST front in this meeting. GST rates on millet products are also expected to be cut. Apart from this, many big issues are likely to be discussed in the meeting. According to the information, the GST meeting may also bring bad news for some companies. A decision may be taken on imposing GST on corporate and bond guarantees offered in lieu of loans.
Sources say that this time discussions are going on to revise the GST rate on many products and services. There is a possibility of implementing a new rate somewhere and reducing it somewhere. Molasses and millets are also on the agenda. GST rates on them are likely to be reduced.
Apart from this, liquor companies can get relief from GST Council in the GST meeting. According to media reports, the GST Council may consider reducing GST on molasses from 28% to 5% to provide clarity to the liquor industry. According to experts, the Council can give clarity to the Centre, states and industry on taxation on ENA (Extra Neutral Alcohol). The Council also has no intention of imposing tax on ENA used to produce alcoholic liquor for consumption.
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