The report further added that the council also agreed to exempt ENA from VAT when supplied for industrial purposes.

Also Read: GST Council meeting today; Here is what to expect

The GST Council on Saturday decided to reduce GST on molasses to 5 per cent, from 18 per cent, and exempt alcohol for human consumption from the levy. Sources also told the daily that GST council is likely to agree proposal of taxation of bank and corporate guarantees furnished by directors and promoters to a company. Sources also added that council is also likely to give clarity for taxation on data centres, as reported by CNBC TV18. 

In another update from The 52nd Goods and Services Tax (GST) Council meeting, the council has announced significant reduction in tax rates for millet flour food preparations, sources told news agency ANI. As per the sources, the tax rate has been reduced from the current 18 percent to a more affordable 5 percent. Millet flour, known for its nutritional value and health benefits, has gained popularity among health-conscious consumers in India. By reducing the GST rate on millet flour food preparations, the government aims to make these nutritious food items more accessible to the public.

The 52nd GST council meet is currently underway at the Sushma Swaraj Bhawan in New Delhi. Headed by Finance Minister Nirmala Sitharaman, the meeting is being attended by Union Minister of State for Finance, MP Poonia, along with Finance ministers of various States and Union Territories (with Legislature), as well as senior officials from both the Union government and the states.

Moreover, as per media reports, it is also anticipated that the GST Council will assess the states' efforts in implementing the alterations related to the taxation of online gaming in their respective SGST laws, which had received approval during the 51st council meeting.

The GST Council convenes periodically to deliberate on matters related to the GST regime, including tax rates, policy changes, and administrative issues. The 52nd meeting is aimed at discussing critical issues affecting the Indian tax system and finding collaborative solutions. The GST Council plays a pivotal role in shaping India's indirect tax structure, ensuring that it aligns with the nation's economic goals and eases the tax burden on citizens and businesses.