Latest GST Update Govt May Propose Rate Cut For Ghee And Butter Ahead Of Festive Season - Prag News
Thursday, September 28, 2023
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Latest GST Update Govt May Propose Rate Cut For Ghee And Butter Ahead Of Festive Season

Troubled by the skyrocketing prices of tomatoes and green vegetables, the common man can get relief news in the coming days. That too at a time when the festive season is about to begin. It is possible that in the coming days, there will be a significant reduction in the prices of ghee and butter. Both of these are used in every household during the festive season.

Now it takes so much tax

In fact, the government is going to propose to reduce the rates of Goods and Services Tax ie GST on ghee and butter. According to a Mint news, the government may soon make such a proposal. At present, GST is levied at the rate of 12-12 per cent on both ghee and butter. The central government can propose to reduce it to 5-5 percent.

The joy of festivals will increase

If it is implemented, then it can provide great relief to the common people. The festival season is going to start soon in the country, which is going to continue till the end of December. In the festive season, various types of sweets and food items are made in every house, in which ghee and butter are used a lot. In this case, if their prices are reduced, then the enjoyment of festivals will increase for the common people.

common man suffering from inflation

This development is also important because the general public is already suffering from inflation. The rate of retail inflation remained high for about one and a half years. It was just starting to come under control that the prices of tomatoes and green vegetables went up in flames. On the other hand, the prices of milk have been increasing continuously. Milk has become costlier by 10.1 per cent in the last one year and by 21.9 per cent in three years. This has also spoiled the budget of common people’s kitchen.

This department requested

According to the news of Mint, the Department of Animal Husbandry and Dairying has requested to reduce GST on ghee and butter. The department has asked the Finance Ministry to place a proposal regarding this before the GST Fitment Committee. After that the proposal can be placed before the GST Council, which is the apex body to decide on changes in GST slabs to rates.

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