GST Reduction on 4 Products: GST Council

GST Council - GST Reduction - Reduction on 4 products - Taxscan

The Union Finance Minister Nirmala Sitharaman presided over the 50th meeting of the GST Council today (11th July 2023) at Vigyan Bhawan in New Delhi with Revenue Secretary and CBIC Chairman.

The Finance Minister has announced the GST reduction on the 4 products. The rate has been decreased on the following products:

  1. Uncooked, unfried snacks reduced to 5%
  2. Fish soluble paste reduced to 5%
  3. Imitation Zari threads reduced to 5%
  4. LD Slag reduced to 5%

The uncooked, unfried snacks had a GST of 18% and were reduced to 5%. Then the fish soluble paste is a by-product produced while producing the fish meal and fish oil. Fish Soluble is rich in dissolved proteins, vitamins and amino acids, which has been reduced from 18% to 5%.

Also, the imitation Zari threads has been reduced from 12% to 5%. Further, the LD slag, generated from basic oxygen furnace (BOF) or Linz-Donawitz (LD) converter, is one of the recyclable wastes in integrated steel plants. This paper deals with the present and possible use of LD slag in agriculture, which has been reduced from 18% to 5%.

Read more: 28% GST on Online Gaming on Full Face Value Amount: GST Council

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