Home » BREAKING NEWS : TO PROMOTE TOURISM , GST COUNCIL RECOMMENDS CONDITIONAL AND LIMITED DURATION IGST EXEMPTION TO FOREIGN FLAG FOREIGN GOING VESSEL WHEN IT CONVERTS TO COASTAL RUN
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BREAKING NEWS : TO PROMOTE TOURISM , GST COUNCIL RECOMMENDS CONDITIONAL AND LIMITED DURATION IGST EXEMPTION TO FOREIGN FLAG FOREIGN GOING VESSEL WHEN IT CONVERTS TO COASTAL RUN

TTT NEWS NETWORK

NEW DELHI, 8 OCTOBER 23023:

The 52nd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs , Smt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance  Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya holding finance portfolio, besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs.

The GST Council inter-alia made the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST.

A. Recommendations relating to GST rates on goods and services

1. Changes in GST rates of goods

1. GST rates on “Food preparation of millet flour in powder form, containing at least 70% millets by weight”, falling under HS 1901, with effect from date of notification, have been prescribed as:

a. 0% if sold in other than pre-packaged and labelled form

b. 5% if sold in pre-packaged and labelled form

  1. Foreign going vessels are liable to pay 5% IGST on the value of the vessel if it converts to coastal run. GST Council recommends conditional IGST exemption to foreign flag foreign going vessel when it converts to coastal run subject to its reconversion to foreign going vessel in six months.

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