50th GST Council Meet: Here's what expensive, and what's not
By Lokmat English Desk | Published: July 12, 2023 11:33 AM2023-07-12T11:33:54+5:302023-07-12T11:33:54+5:30
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50th GST Council meeting was held on 11th July 2023 at Vigyan Bhawan, New Delhi. It markes the completion of 50 Council meetings since the inception of GST. Union FM Nirmala Sitharaman led the 50th GST Council meeting in the presence of ministers representating their states and Union Territories.
After the decision of the GST Council meeting, the prices of some goods touched sky high while the prices of some were lowered.
After the GST Council meeting chaired by Finance Minister Nirmala Sitharaman, it was decided to reduce or exempt GST on certain goods and services, while on the other hand, to increase or levy GST on certain services and goods.
Let us see the list of commodities whose prices are going to increase or decrease in the coming period.
The GST Council had been discussing online gaming for a long time. This time the council has decided to levy 28 percent GST on online gaming. That means online gaming, casino, horse racing will become expensive.
All large cars, by whatever name they are called, will attract 22% cess, which is an additional tax imposed over and above GST. The cess tax will be on top of a 28% tax if their length exceeds 4000 mm, have engine capacity of over 1500 cc, and have ground clearance of 170 mm.However, there is ambiguity whether a cess of 20% or 22% should be imposed on multi utility vehicles.
Post the development, the rates of vehicles are likely to go up.
The GST Council also said in the statement that the sale of food and beverages in multiplexes should attract 5% tax and not 18%, to ensure uniformity in tax rates across Indian states.
Satellite service launch will be cheaper. The GST Council has exempted private operators' GST satellite broadcasting services. GST on raw and unfried snack pallets has been reduced from 18 percent to 5 percent.
There is an IGST exemption on Dinutuximab (Quarziba) medicine when imported for personal use, as well as medicines and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases, and FSMP when imported by Centres of Excellence for Rare Diseases or any person or institution on recommendation of any of the listed Centres of Excellence.
