GST Council Meeting Highlights: What Will Be Cheaper, Costlier?

The 50th GST Council meeting took several key decisions on Tuesday as the members deliberated on a host of issues including taxation of online gaming.

The panel is headed by the Union Finance Minister and comprises representatives of all states and UTs. The GST Council on Tuesday decided to levy the maximum 28 per cent tax on the full face value of bets in online gaming, casinos and horse racing, lowered tax on food and beverages sold in multiplexes, and tweaked the definition of utility vehicles for the levy.

Check Out What Gets Cheaper and What's Costlier After 50th GST Council Meeting

Food and beverages consumed in cinema halls will attract a GST of 5 per cent, instead of 18 per cent which in many cases the cinema halls were charging.

GST Council exempts cancer-fighting drugs, medicines for rare diseases from GST tax.

It has been decided to reduce GST on imitation zari thread or yarn known by any name in trade parlance from 12 per cent to 5 per cent and to regularize payment of GST related to this matter during the past period on "as is basis".

Reduction of GST in fish soluble paste from 18% to 5%

Reduction of GST on LD slag from 18% to 5%.

The GST Council has decided to levy maximum 28 per cent tax on the full face value of bets in online gaming, casinos and horse racing.

According to the latest update, the criteria for categorizing a vehicle as an SUV and applying a cess has been modified. Previously, an SUV had to meet four conditions: being commonly recognized as an SUV, having a length of 4 meters or more, an engine capacity of 1,500 cc or higher, and an unladed ground clearance of at least 170 mm.

However, the revised definition of an SUV now focuses on three factors: the length (4 meters or more), the engine capacity (1,500 cc or greater), and the ground clearance (unladed clearance of 170 mm or higher).