The GST Council, a constitutional body, holds the responsibility of providing recommendations concerning the implementation of the Goods and Services Tax (GST) in In
50th GST Council Meeting: The GST Council at its meeting on Tuesday announced several key decisions in the GST system of various sectors in India. Announcing the deliberations in a press conference, union finance minister Nirmala Sitharaman, said that on four items GST rates have been brought down.
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Rates have been brought down on four items, including fish soluble paste and LD slag from 18 percent to 5 percent, Nirmala Sitharaman said.
Three items have received exemption from GST, including medicines for rare diseases. Personal use and import of cancer medicine exempted from GST.
The Council has approved the exemption of GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.
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In a major good news for movie lovers, the GST council decided to cut GST rate on food served in cinema halls to 5%. Earlier, the GST rate was 18%.
The GST Council also agreed to levy a 28 per cent tax on online gaming, casinos and horse racing and the tax would be levied on full face value. Changes will be made in the GST law to state that these three supplies are not actionable claims, like that of lottery and betting.
The council has decided to do away with the distinction of game of skill and chance in case of online gaming. 28 per cent tax would be levied on the full face value of bets.
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The council has also approved setting up of appellate tribunals.
Maharashtra to get four benches of GSTAT in first phase and three more in second phase. West Bengal has agreed to have two benches of GST Appellate Tribunal in Kolkata.
The GST Council serves as the collaborative platform for both the Central and State governments. It comprises the following members: the union finance minister (as the Chairperson), the Union Minister of State responsible for Revenue or Finance (as a member), and the Minister in charge of Finance, Taxation, or any other Minister nominated by each State Government.
The GST Council, a constitutional body, holds the responsibility of providing recommendations concerning the implementation of the Goods and Services Tax (GST) in India. The first meeting of the GST Council took place on September 22-23, 2016, and subsequently, the Council convenes at regular intervals to discuss and make decisions on diverse GST-related matters.
At the beginning of the meeting taking place in the national capital, finance minister Nirmala Sitharaman released a short film titled ‘GST Council – 50 steps towards a journey’.
In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted.
“The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime,” the tweet said.
Sitharaman also released a Special Cover and customised ‘myStamp’, which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted.
