The 50th GST Council meeting chaired by Union Finance Minister decided to impose a 28% tax on online gaming, casinos, and horse racing.
On July 11, the 50th GST Council meeting was held in New Delhi, with Union Finance Minister Nirmala Sitharaman presiding over the meeting. Several decisions were made regarding taxation rates and exemptions. One significant decision was the imposition of a 28% tax on online gaming, horse racing, and casinos. Sitharaman stated that amendments would be made to the GST law to include online gaming. Additionally, the council decided to reduce GST rates on four items and exempt three items related to rare diseases and cancer.
The GST rates on uncooked/unfried extruded snack pallets were reduced from 18% to 5%, while rates on fish soluble paste were proposed to be reduced to 5% from 18%. The rates on imitation zari threads/yarn were also lowered to 5% from 12%. Furthermore, the council expanded the scope of taxation for SUVs (sports utility vehicles) based on discussions from previous meetings.
In terms of services, the council exempted satellite launch services provided by private organizations from GST. Sitharaman highlighted that the Centre had cleared all payments where the Auditor General’s (AG) certificates had been submitted, addressing concerns raised by some states regarding delays in compensation. However, there were still pending AG certificates from certain states, and the center would await the reports before clearing those payments.
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