The latest release by The Solvent Extractors Association of India (SEA), the Cottonseed oilcake will attract Nil GST rate, while all other oilcakes will bear 5% GST.
The Association was pressurizing the authorities for rationalizing the GST on oilcakes and cottonseed oilcake irrespective of their end use. In the last meeting, GST Council at their last meeting had clarified that cottonseed oilcake will attract Nil GST rate, while all other oilcakes will bear 5% GST, irrespective of their end use. This is welcome decision in order to avoid any confusion regarding taxation of these commodities.
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