GST Council Meeting: GST Council has decided to impose 28% GST on online gaming, horse racing and casino. GST will be recovered on the full value. This decision has been taken in the 50th meeting of the GST Council. This rule will be applicable after amendment in GST law.
The GST Council has clarified its stance on GST on food items like popcorn and cold drinks along with cinema tickets. Now all these things will be treated as composite supply and will be taxed in the same manner as the principal supply i.e. cinema ticket. That is, 5 percent GST will now have to be paid on food and drink in the restaurant of the cinema hall, which earlier used to be 18 percent. The GST Council has also approved setting up of Appellate Tribunal.
Giving information about the GST Council meeting, Finance Minister Nirmala Sitharaman said that the GST rates of four items have been reduced. GST on fish paste has been reduced from 18 per cent to 5 per cent. Along with this, GST has also been reduced from 18 percent to 5 percent on LD slag. In the GST Council meeting, it has been decided to abolish GST on import of cancer drugs. Along with this, IGST has also been abolished on medicine and food for special medicine. This decision of the GST Council will go a long way in making the import of cancer drug Dintuvximab cheaper. The Finance Minister said that the GST Council has approved 22 percent cess rate on MUVs but sedans are not included in it.
States also raised the issue of bringing GST under PMLA Act in the GST Council. The Finance Minister told that the Finance Minister of Delhi Punjab wanted that this should be discussed first. But after discussing all the agenda, there was a discussion on it and clarification was given to the finance ministers of the states.
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