This is an explanation concerning the different rates of tax for popcorn products as decided in the 55th GST Council meeting. Admittedly, some of these products have been defined differently or made similar classifications for ready-to-eat popcorn products. The new rules are:
- Savoury Popcorn (popcorn mixed with salt and spices) would be taxed at 5% GST if sold in bulk or unpackaged, and 12% if sold pre-packed along with the label.
- Sweet Popcorn would be taxable at 18% GST as it falls under sugar confectioneries (for example caramel or sugar-coated popcorn).
The intent of this action is to give clear guidelines to manufacturers and consumers in respect of equalization in all cases of taxation. It makes classification, as decided by the GST Council, among various types of popcorn on the basis of contents and would ease compliance to tax laws by businesses.
This is part of the ongoing efforts by the Council to put clarity to the taxation of various food and beverage products.
Also read: Indian Markets on 20th December: Sensex Plunges Over 1.4%, Ends at 78,041
Published on: December 20, 2024 at 10.30 PM GMT.
Tomorrow 22nd December is celebrated as National Mathematics Day!
As stated in Bhagavad Gita : (Bhagavad Gita 6.5)
मनः शष्ठानि संख्याय तस्य चित्तं निबोधत।
The mind is the friend of the conditioned soul, and it is also the enemy.
Farmers’ Mahapanchayat on Delhi Elections
Farmers from Delhi’s villages are participating in this Mahapanchayat to decide over the issue of supporting or boycotting the Delhi Assembly elections. The event is also going to discuss some important issues pertaining to the farming community.
Also read:
Indian Markets on 20th December: Sensex Plunges Over 1.4%, Ends at 78,041
