Indian News Daily Update

What Got Cheaper, What Got Costlier Following the 50th GST Council Tax Rate Decisions?

<p>Aside from exempting certain commodities, the GST Council opted to lower the tax rates on a number of other items during its 50th meeting. Additionally, it chose to levy a 28% GST on casino, horse racing, and internet gambling. These are the products and services that changed in price.</p>
<p>What Has Been Cheaper?</p>
<p>Popcorn and cold drinks eaten in movie theaters will now only be subject to a 5% service tax rather than the previous 18%, according to the GST Council, which is presided over by the Union Finance Minister and is made up of members from all states and UTs.Currently, movie tickets costing less than Rs 100 are subject to a tax of 12%, while those costing more than that are subject to a GST of 18%.<img decoding=”async” class=”alignnone wp-image-71648″ src=”” alt=”” width=”1076″ height=”806″ srcset=” 259w,×112.jpg 150w” sizes=”(max-width: 1076px) 100vw, 1076px” /></p>
<p>Rates have been lowered to 5% for uncooked/unfried snack pellets, zari thread, LD slag, and fish soluble paste.</p>
<p>Drugs for treating cancer, medications for rare diseases, and food for specific medical uses:The GST has been waived for these three goods.</p>
<p>Additionally, the GST has been waived for private players’ satellite launch services.</p>
<p>What Has Expended More?</p>
<p>The GST Council has voted to tax online gambling, horse racing, and casinos at a rate of 28%. “Tax will be applicable on the face value of the chips purchased in cases of casinos, on the full value of bets placed with bookmaker/totalisator in cases of horse racing, and on the full value of bets placed in cases of online gaming,” the finance ministry stated in a statement.</p>
<p>Other Choice</p>
<p>Sedans are not included in the 22% cess rate for multi-utility vehicles that the GST Council recently authorized.</p>
<p>‘GST Council — 50 steps towards a journey’ is a short video that Finance Minister Nirmala Sitharaman debuted at the start of the 50th meeting on Tuesday, July 11.</p>
<p>According to a tweet from Nirmala Sitharaman’s office, the Council has made over 1,500 decisions in 49 sessions so far in the spirit of cooperative federalism.</p>
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