50th GST Council Meeting | Key Highlights Here

50th meeting of the Goods and Services Tax (GST) Council held under the chairpersonship of the Union Finance Minister Nirmala Sitharaman has decided to impose a tax online gaming, horse racing and casinos at the uniform rate of 28% on full face value.

Chairing the meeting, Nirmala Sitharaman said that the government has offered an exemption on GST for satellite launch services provided by private organizations.

“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 percent (all three activities) and they will be taxed on full face value," the finance minister said.

Other recommendations relating to changes in GST tax rates, measures for facilitation of trade, and measures for streamlining compliances in GST that were also made in the GST council meeting.

The key highlights of the meeting are as follows:

* It has been decided to reduce the rate on uncooked/unfried snack pellets, by whatever name called, to 5 percent and to regularize payment of GST on uncooked /unfried snack pellets during the past period on “as is basis”.

*  The council reduced the GST rate to 5 percent on foods served in cinema halls from the earlier rate of 18 percent. The council said it has been decided to clarify that the supply of food and beverages in cinema halls is taxable as restaurant service as long as (a) they are supplied by way of or as part of a service and (b) supplied independently of the cinema exhibition service.

* GST exemption on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to such services supplied by organizations in private sector also to encourage start ups

* GST Council recommends notification of GST Appellate Tribunal by the Centre with effect from 01.08.2023

* GST Council recommends exemption of cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST tax

* GST Council also recommends several measures for streamlining compliances in GST

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