The fitment committee of the Goods and Services Tax (GST) Council has recommended the exemption of goods and services GST on powdered millet sold in loose form where 70% millet is used. The recommendation of the fitment committee will be taken up in the next GST council meeting scheduled on October 7. The council may not go for a major rate rejig as the fitment committee has rejected the proposal to reduce the GST rate on over one dozen items including on lithium-ion batteries used in electric vehicles (EV) to 5% from 18% and recommend status quo. The EV industry had sought a reduction of GST on batteries from 18% to 5%, however, the fitment committee has recommended maintaining a status quo on the rate. ITC’s share price saw a dip after industry sought movement in cess on tobacco before eventually recovering.

Source: Economic Times October 04, 2023 16:53 UTC