In a major setback to the online gaming industry, 28% GST rate has been placed on the whole value of gambling, horse racing, and casinos.
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New Delhi: During its 50th meeting, chaired by FM Nirmala Sitharaman, the GST Council decided to lower the GST rate on food and beverages sold in movie theatres to 5%. Unquestionably, this is wonderful news for moviegoers. It must be noted that the former GST rate on food and beverages served in the restaurant was 18%, but now it has been reduced.
The 50th GST Council meeting concluded on Tuesday in New Delhi and it has taken several important measures. In a major setback to the online gaming industry, 28% GST rate has been placed on the whole value of gambling, horse racing, and casinos. Additionally, the council members excluded GST from imports of significant pharmaceutical goods such as the cancer drug dinuximab and food for special medicinal purposes (FSMP).
Item To Become Costlier:
The all-powerful Goods and Services Tax (GST) Council on Tuesday decided to impose a 28 percent tax on the turnover of online gaming companies, horse racing, and casinos, finance minister Nirmala Sitharaman said.
