GST Amendment: Changes in Tax Rates for Molasses and Millet-based Foods

Molasses Taxation: Notification G.S.R. (E) introduces amendments to the Integrated Goods and Services Tax (IGST) Act, impacting Schedule I (5% tax). Molasses is now added at S. No. 92A, attracting a 5% tax rate.

Inclusion of Millet-based Foods: Schedule I sees another addition at S. No. 96A, including "Food preparation of millet flour, in powder form, containing at least 70% millets by weight, pre-packaged and labelled," with a 5% tax rate.

Revised Tax on Spirits for Industrial Use: Schedule III (18% tax) witnesses changes. Spirits for industrial use now appear at S. No. 25A, attracting an 18% tax rate.

Omission of Item in Schedule IV: Schedule IV (28% tax) undergoes a modification. S. No. 1 and its entries are omitted, resulting in changes to the tax rate.

Effective Date: These amendments, effective from October 20, 2023, impact tax rates on specified items, influencing businesses and consumers.

Issuing Authority: Vikram Wanere, Under Secretary, releases the official notification on behalf of the Central Government.

Principal Notification History: The principal notification, No. 1/2017- Integrated Tax (Rate), was last amended by notification No. 14/2023– Integrated Tax (Rate) on September 29, 2023.

Note: Refer to the official notification G.S.R. (E) for comprehensive details.