The Central Board of Indirect Taxes and Customs (CBIC) on the recommendation of the 55th GST Council Meet has notified the GST reduction on these goods.
The Board has reduced the GST rate on Fortified Rice Kernel (FRK), classifiable under 1904, to 5%. Fortified rice kernels are either coated rice kernels or extruded rice-shaped kernels prepared with a mix of vitamins and minerals. Sometimes a powdery blend of nutrients is dusted onto unfortified rice, but this is only useful in countries where consumers do not wash rice before cooking it.
The Board has exempted GST on gene therapy.
Gene therapy is a technique that uses a gene(s) to treat, prevent or cure a disease or medical disorder. Often, gene therapy works by adding new copies of a gene that is broken, or by replacing a defective or missing gene in a patient’s cells with a healthy version of that gene.
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Notification No. 01/2025- Central Tax (Rate)
Date: 16/01/2025
Mariya is the Senior Editor at Juris Hour. She has 5+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started as a freelance tax reporter in the leading online legal news companies like LiveLaw & Taxscan.
