The Union Finance Minister Nirmala Sitaraman presided over the 50th meeting of the GST Council today (11th July 2023) at Vigyan Bhawan in New Delhi with Revenue Secretary and CBIC Chairman. The meeting commenced at 11:00 am, however, the Finance Minister addressed the public in the evening.
The following are the key highlights of the 50th GST Council meeting:
- 28% GST on Online Gaming, Horse racing on Full Face Value Amount, Schedule 3 of GST Act to be amended.
- GST Exempted on certain cancer medicines and medicinal food products
- GST exemption on rare medicines
- GST Slashed on Four Items
- Uncooked, unfried snacks reduced from 18% to 5%
- Fish soluble paste reduced from 18% to 5%
- Imitation Zari threads reduced from 12% to 5%
- LD Slag reduced from 18% to 5%
- Raw Cotton including kala cotton is taxable Item
- GST on SUV Vehicles Clarified, Zedan vehicles are excluded
- Decision on GST on Chewing Tobacco
- No GST on Private Satcoms
- GST on food/beverage supplied in Cinemas clarified
- Major reforms in GSTN discussed
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