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Source: The post is based on the article “Recommendations of 50th meeting of GST Council” published in PIB on 11th July 2023
What is the News?
The 50th meeting of the Goods and Services Tax(GST) Council was held under the chairmanship of the Union Finance Minister.
What is the Goods and Services Tax(GST) Council?
What are the decisions taken by the GST Council?
Source: Business Standard
GST on Online Gaming: The GST Council has approved the imposition of a uniform 28% tax on full “face value” of bets involving online gaming, casinos and horse racing. This will bring them on a par with betting and gambling.
– Currently, most online gaming platforms pay an 18 per cent tax on the commission collected for each game.
Tax on food and beverages in Cinema Halls: The GST on restaurants inside Cineplex will attract 5% GST against 18% earlier.
– Currently, movie tickets below Rs 100 were taxed at 12%, while those above the threshold attracted 18% GST.
Exempted GST on cancer drugs: GST Council has decided to exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. Currently, the drug attracts a 12% integrated GST.
Tribunals: The council has recommended setting up of a mechanism for appellate tribunals. Demands for state-wise benches were presented by various states, and the Council approved setting up of as many as 40 benches in phases.
