The Union Finance Minister Nirmala Sitaraman presided over the 52th meeting of the GST Council today (7th October 2023) at sushama swaraj bhavan in New Delhi with union minister of finance and corporate affairs.
The GST on job work services for turning barley into malt was reduced by the council from 18% to 5%. The food and beverage business frequently uses malt extract as a sweetener, flavoring component, and vitamin booster. Malted grains are created by germination and drying of malted barley, which is used to make this product. The grains are then processed into powder or syrup, which has a wide range of uses.
Malt extract is classified under HSN code 1901 under the Goods and Services Tax (GST) system in India. For tax and regulatory purposes, products are identified by this code. Malt extract is subject to an 18% GST.
There are several advantages to using malt extract in food and beverage items. Malt extract can be used in place of sugar or other artificial sweeteners as a natural sweetener. It can improve the flavor of many products thanks to its rich, caramel-like flavor.
Malt extract can also be used to enhance the flavor of foods like bread, beer, and cereal. It gives these products a distinctive, nutty flavor that may increase consumer appeal.
Malt extract is a wonderful source of vitamins, proteins, and carbs. It can be included in goods like energy bars and sports beverages to provide customers a nutritional boost.
Also Read: GST Council’s Goods and Services Tax Rate Recommendations: Comprehensive Overview
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