India cuts GST on molasses to 5%, says some millet products exempt

NEW DELHI, Oct 7 (Reuters) - Top officials on Indias Goods and Services Tax (GST) Council on Saturday said some millet products would be exempted from the levy, and that the GST on molasses would be cut to 5% from 28%.

Finance Minister Nirmala Sitharaman said the council had decided to exempt GST on some millet flour products, on which it currently stands at 18%.

The council, which includes the federal finance minister and state finance ministers, has also approved a 5% GST rate for millet sold in prepackaged and labelled form.

Sitharaman said she hoped the cut to GST on molasses would benefit sugarcane farmers.

The council also said guarantees provided by companies to their subsidiaries will attract GST at 18%.