GST Council Meeting: Many important decisions have been taken on Tuesday in the 50th meeting of Goods and Service Tax i.e. GST Council. It has been decided to levy 28 per cent tax on online gaming, horse racing and casino. Earlier they were taxed at 18 per cent. At the same time, approval has been given to remove the GST imposed on the import of cancer drug dinutuximab.
Finance Minister Nirmala Sitharaman said the Goods and Services Tax (GST) Council on Tuesday decided to levy 28 per cent tax on online gaming companies, horse racing and casino businesses. This has been done on the basis of the recommendation of a panel having representatives from all the states and union territories.
#WATCH | Union Finance Minister Nirmala Sitharaman, says “We have offered exemption on GST for satellite launch services provided by private organisations… Online gaming, horse racing and casinos will be taxed at 28% (all three activities) and they will be taxed on full face… pic.twitter.com/vFGCHfaCFy
— ANI (@ANI) July 11, 2023
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tax will be levied without discrimination
In fact, the issue before the Group of Ministers was whether the Game of Skill and the Game of Chance should be treated as one and the same? Everyone had an opinion on this. Sitharaman said the tax would be levied on the full value. Online gaming companies will be taxed without any discrimination whether the games require skill or are based on chance.
Cancer drugs exempted from levy
He said that the GST Council has also decided to exempt anti-cancer drugs and drugs for rare diseases from the levy. Besides, satellite launch services provided by private operators have been exempted from GST, he said. Apart from this, the GST on the bill of food and drink in the cinema hall has been reduced. Now GST will be 5% instead of 18%.
22 percent cess will be imposed on SUV
- GST rates on raw/unfried extruded snack pellets reduced from 18% to 5%.
- Rates on fish soluble paste reduced from 18% to 5%; Rates on imitation zari thread were reduced from 12% to 5%.
- SUV, MUV will attract 22 percent cess.
- Sedan cars have been kept out of the purview of 22 per cent cess.
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