The GST Council in its 50th meeting has decided to reduce the tax rates on various items, apart from exempting some items. It also decided to impose 28% GST on online gaming, horse racing and casino. Here are the goods and services that got costlier or cheaper.
What Got Cheaper?
Popcorn And Cold Dring In Cinema Halls: The GST Council, headed by the Union finance minister and comprising of representatives of all states and UTs, has decided to lower the service tax levied on food and beverages consumed in cinema halls to 5 per cent from 18 per cent. Currently, movie tickets below Rs 100 are taxed at 12 per cent, while those above the threshold attract an 18 per cent GST.
Uncooked/ Unfried Snack Pellets, Zari Thread, LD Slag, and Fish Soluble Paste: Rates have been Reduced on these four items to 5 per cent.
Cancer Treatment Drugs, Rare Disease Medicines, and Food for Special Medical Purposes: These three items have been exempt from GST.
Satellite Launch Services By Private Players have also been exempted from GST.
What Got Costlier?
The GST Council has decided to impose a 28 per cent tax on Online Gaming, Horse Racing and Casino. “Tax will be applicable on the face value of the chips purchased in the case of casinos, on the full value of the bets placed with bookmaker/totalisator in the case of Horse Racing and on the full value of the bets placed in case of the Online Gaming,” the finance ministry said in a statement.
Other Decision
The GST Council also approved a 22 per cent cess rate on Multi Utility Vehicles but sedans are not included.
At the beginning of the 50th meeting on Tuesday, July 11, 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.
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