Nirmala Sitharaman said that three items have receive exemption from GST rates, including medicines for rare diseases. Satellite launch services provide by private organisations have also exempt from GST.
Additionally, the GST Council has approve a 22% cess on MUVs, but Sedan has not include in the list.
Finance Minister Nirmala Sitharaman chair the 50th meeting of the GST Council at Vigyan Bhawan, New Delhi.
Nirmala Sitharaman was accompanied by Union Minister of State for Finance Pankaj Chaudhary.
50th GST Council: Full list of items to be costlier and cheaper after meet
— 2YoDoINDIA News Network (@2yodoindia) July 12, 2023
For Full Details visit : https://t.co/TFsE1WtRli
For more news visit : https://t.co/98KV4yIruC#2YoDoINDIA #50thGSTCouncilMeeting #GST #GSTCouncilMeeting #GSTRates #NewDelhi #NirmalaSitharaman pic.twitter.com/Ww0yfkwRQe
The meeting was also attend by Finance Ministers from States and Union Territories (with legislature) with senior officials from the union government and States.
The 50th GST Council meeting took decisions on various topics including deliberations on the taxation of online gaming, redefining utility vehicles, and GST rate on Food in cinema halls.
The GoM proposals on online gambling were look at, and the Council decide on a 28% GST on full face value for online gaming, horse racing, and casinos, as per Nirmala Sitharaman.
Nirmala Sitharaman also said that the GST law will be amend to include online gaming.
On the occasion of the 50th meeting of the GST Council, Nirmala Sitharaman releases a Special Cover and customise myStamp.
On the occasion of the 50th meeting of the GST Council, Union Finance Minister Smt. @nsitharaman releases a Special Cover and customised myStamp.
— Ministry of Finance (@FinMinIndia) July 11, 2023
The Special Cover and customised myStamp was presented to the Union FM Smt. @nsitharaman by the Chief Post Master General, Delhi… pic.twitter.com/feTDX5AM6h
The Special Cover and customise myStamp were present to the FM by the Chief Post Master General, Delhi Circle, India Post Office.
Nirmala Sitharaman also release a short film titled ‘GST Council – 50 steps towards a journey’ on the occasion.
Smt @nsitharaman today released a short film titled 'GST Council – 50 steps towards a journey' on the occasion of 50th meeting of GST Council in New Delhi.
— Nirmala Sitharaman Office (@nsitharamanoffc) July 11, 2023
The Council has so far held 49 meetings & has taken approximately 1500 decisions in the spirit of co-operative federalism.… pic.twitter.com/cv8OtTMlhU
As per the Ministry of Finance, the GST Council has so far held 49 meetings and has taken approximately 1500 decisions in the spirit of co-operative federalism.
The GST Council has decide to tax online gaming, casinos, and horse racing at 28% on the full face value of bets.
The GST council also decide to do away with the distinction between games of skill and chance.
It means that all online games, regardless of whether they are skill-based or chance-based, will be taxed at the same rate.
The GST Council has also approve the exemption of GST on the import of the cancer drug Dinutuximab and Food for Special Medical Purposes (FSMP) use in the treatment of rare diseases.
Right now, individual imports of the cancer medication Dinutuximab (Qarziba) for personal use are subject to a 12% IGST.
The GST council has also approve the reduction of GST on food and beverages serve at cinema halls from 18% to 5%.
So, if the sale of a cinema ticket is combine with the sale of eatables such as popcorn or cold drinks, the entire supply should be handle as a composite supply and taxed at the relevant rate of the principal supply, which in this case is the cinema ticket.
As of now, movie tickets costing less than $100 are taxed at 12% and those costing more than $100 are taxed at 18%.
The new GST rates on online gaming and food and beverages served at cinema halls will come into effect from 18th July, 2023, as per the report.
The GST council has also approve the setting up of appellate tribunals to hear appeals against GST-related decisions.
Government has recently issue a notification enabling the exchange of information between the Enforcement Directorate (ED) and the Goods and Services Tax Network (GSTN) under the Prevention of Money Laundering Act, 2002 (PMLA) to aid in investigations.
The notification specifically pertains to the sharing of information between ED and GSTN under section 66(1)(iii) of PMLA.
Many finance ministers raise the need for discussions before finalising the decision to include GSTN under the PMLA.
The issue was raise by finance ministers from Delhi, Punjab, Tamil Nadu, West Bengal, Himachal Pradesh, Karnataka, Chhattisgarh, and Rajasthan.
