India Revises IGST Rates: Molasses at 5%, Millet Flour at 18%, Spirits for Industrial Use Added at 28.

The Government of India, under the Ministry of Finance, has issued Notification No. 20/2023 to amend the Integrated Goods and Services Tax (IGST) rates as per the Integrated Goods and Services Tax Act, 2017. Effective from October 20, 2023, the amendments include the addition of molasses under Schedule I at a 5% tax rate and food preparations of millet flour under Schedule III at an 18% tax rate. Spirits for industrial use are added under Schedule III, and certain entries under Schedule IV at a 28% tax rate are omitted. These changes follow recommendations from the GST Council.

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