50th GST Council Meeting likely to Exempt Cancer Drugs from IGST

50th GST Council Meeting - GST Council Meeting -GST Council -Cancer Drugs - IGST - Cancer Drugs from IGST - taxscan

The 50th Goods and Services Tax (GST) Council meeting is scheduled to be held on July 11th 2023 (Coming tuesday). Apart from the agenda of the Goods and Services Tax Appellate Tribunal (GSTAT) and online gaming, the council is likely to exempt the cancer drugs from purview of the tax.

Based on reliable sources, it has been reported that the council has the authority to exempt individuals importing the cancer medicine Dinutuximab from paying GST. Additionally, the council has made a decision regarding the imposition of GST on food and beverages served in multiplexes. Furthermore, they intend to provide a precise definition of the utility of vehicles in order to determine the imposition of a 22% cess.

Furthermore, it has been mentioned that the council will make a decision regarding the exemption of GST for satellite launch services offered by private entities. Additionally, there are indications that the import of medicines and specialized medical food, both for personal use and for use by medical centers, may also be exempted from the Integrated Goods and Services Tax (IGST).

The GST council has announced that the 50th GST council meeting is to be held on 11th July 2023 at Vigyan Bhawan, New Delhi. It was expected that the discussion on the  GST Appellate Tribunal will see significant progress. Recently, a group of industrialists requested the central government to adopt a temporary provision to accept the appeal by accepting a partial amount from the taxpayer.

As the tax system has essentially stabilised, officials have also stated that a large modification to the GST rates and slabs is unlikely at this time. A complete redesign of the rate structure is not being planned at this time, the official source said. Further, there will continue to be changes and reviews in the rate of certain items as and when required and to dispel confusion.

Also read: 50th GST Council Meeting and Constitution of GSTAT: Difficulties of Taxpayers in Dispute Resolution to End?

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