GST Council meeting: On Tuesday, GST Council during its 50th meeting announced that the tax will be slashed from 28 per cent to 5 per cent GST, which is at par with restaurants. Even as the GST Council has the tax on food and beverages to bring it in line with the levy in restaurants, it depends on the cinema halls to pass on the benefit to consumers. And for this, the authorities will have to keep an eye on the cinema halls., Personal Finance News, Times Now
Will the GST Council’s decision to impose 28 percent GST on the full face value of the wager amount destroy revenues and dash the hopes of players hoping for handsome winnings?
The Council is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.
The council has decided to provide exemption from 12 per cent IGST on certain categories of cancer drugs. However, no discussion has been held on extending compensation to states., Economy News, Times Now
The 50th Goods and Services Tax (GST) Council will be held today in New Delhi. Union Finance Minister Nirmala Sitharaman will chair the meeting of the Group of Ministers (GoM). Discussions are likely to take place regarding taxation on online gaming, casino, and horse racing.