In India, the government held its 28th Goods and Services Tax Council meeting on Friday and as a result of the meeting, lowered taxes on various products across several sectors including a tax reduction on biofuel pellets from 18 percent to 5 percent. Fuel-cell vehicles GST was also lowered from 28 percent to 12 percent. Both of those tax reductions were part of the country’s efforts to embrace cleaner and greener energy.
Critics wonder, however, if companies will pass on the tax benefits in lower prices to their customers. Other goods and services will also benefit from reduced taxation such as certain fabrics, some chemicals used in fertilizers, and a number of products such as handmade lamps and wax that are made mostly by small businesses in rural India.