Several major decisions were taken in the GST Council meeting held at Vigyan Bhavan, Delhi on 11th July. The proposal to impose 28% tax on online gaming, horse racing and casino has been approved.
GST Council: On Tuesday, the 50th meeting of the GST Council was organized under the chairmanship of Finance Minister Nirmala Sitharaman. Many important decisions were taken during this period. There, many issues were also discussed. Chief Ministers of many states and Union ministers also participated in the meeting.
In the meeting, it has been decided to levy 28% GST on online gaming, casino and horse racing. Online gaming has been brought under the GST purview. Game of skill and game of chance would make no sense. Also, now IGST will not be applicable on imported cancer drugs. Due to which the import of cancer drug Dinutuximab is likely to be cheaper. Presently 12% IGST is levied on imports, which has now been reduced to 0%.
Talking about other decisions, the formation of GST Tribunal has been approved in the meeting. Taxpayers will get a big relief from this decision. Also, it will be easier to settle disputes related to Goods and Services. Apart from this, GST reduction has also been announced on food and drink items in theatres. The 18% GST on these items has been reduced to 5%. At the same time, now the consumer state will also get its share of GST on the registration of vehicles, a consensus has been reached on this issue.
