MM TAX CLUB

50^th GST council meeting was conducted on 11th July 2023, where many changes have been proposed under GST.

One of the proposals was to include RBL Bank and ICBC bank in the list of specified banks for which IGST exemption is available on imports of gold, silver or platinum

The council has been decided to include RBL Bank and ICBC bank in the list of specified banks for which IGST exemption is available on imports of gold, silver or platinum and update the list of banks /entities eligible for such IGST exemption as per Annexure 4B (HBP) of Foreign Trade Policy 2023.

Consequential changes in notifications may be carried out in view of new Foreign Trade Policy 2023.

50th GST council meeting was conducted on 11th July 2023, where many changes have been proposed under GST.

One of the proposals was to reduce the GST rate on fish soluble paste from 18% to 5%.

The Council It has been decided to reduce the GST rate on fish soluble paste from 18% to 5% and to regularise payment of GST on fish soluble paste during the past period on “as is basis”.

50^th GST council meeting was conducted on 11^th July 2023, where many changes have been proposed under GST.

One of the proposals was to reduce GST rate on LD slag from 18% to 5%

The council has been decided to reduce GST rate on LD slag from 18% to 5% to encourage better utilisation of this product and for protection of environment.

50^th GST council meeting was conducted on 11^th July 2023, where many changes have been proposed under GST.

One of the proposals was to reduce GST on imitation zari thread or yarn.

The council It has been decided to reduce GST on imitation zari thread or yarn known by any name in trade parlance from 12% to 5% and to regularize payment of GST related to this matter during the past period on “as is basis”.

50^th GST council meeting was conducted on 11th July 2023, where many changes have been proposed under GST.

One of the proposals was to clarify that supply of raw cotton, including kala cotton, by agriculturists to cooperatives

The council has been decided to clarify that supply of raw cotton, including kala cotton, by agriculturists to cooperatives is taxable under reverse charge mechanism and to regularise issues relating for the past period on “as is basis”.