The GST Council meeting took place on Tuesday. Many major decisions were taken in the 50th meeting of the GST Council. The meeting was chaired by Union Finance Minister Nirmala Sitharaman. In the meeting, the GST Council has agreed to levy 28 per cent GST on online gaming, horse racing and casino. It has also been decided in the GST Council meeting that GST will not be levied on imported cancer medicines.
cheap food in cinemas
The formation of GST Tribunal has also been approved in the council meeting. Apart from this, it has been decided in the meeting that the tax on food items available in cinema halls has been reduced from 18 per cent to 5 per cent. That is, now the food and drink in cinema halls will become cheaper.
Cancer drugs will not be taxedIn the 50th GST Council meeting, Union Finance Minister Nirmala Sitharaman said that the GST Council has exempted cancer related drugs, drugs for rare diseases and food products for special medical purposes from GST tax.
50th GST Council Meeting | GST Council exempts cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST tax: Union Finance Minister Nirmala Sitharaman pic.twitter.com/T1DoacbmC3
— ANI (@ANI) July 11, 2023
Finance ministers of all states and union territories also participated in the GST Council meeting chaired by Union Finance Minister Nirmala Sitharaman. It was decided in the meeting that a tax of 28 per cent would be levied on the total amount wagered on online gaming, casino and horse racing events. Talking to the media after the meeting was over, Finance Minister Sitharaman said that the GST Council has decided to impose 28 per cent tax on online gaming, casino and horse racing based on the recommendation of the Group of Ministers.
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In the 50th meeting of the GST Council, the GST rates on raw or unfried extruded snack pellets have been reduced from 18 per cent to 5 per cent. Rates on fish soluble paste have been reduced from 18 per cent to 5 per cent. Apart from this, the rates on fake zari threads have been reduced from 12 percent to 5 percent.
50th GST Council Meeting | GST rates on uncooked/unfried extruded snack pallets brought down from 18% to 5%; on fish soluble paste, rates have been brightened down to 5% from 18%; Rates on imitation zari threads brought down to 5% from 12%: Union Finance Minister Nirmala Sitharaman pic.twitter.com/NsLRIRlMXD
— ANI (@ANI) July 11, 2023
