50th GST Council meeting: Important points

50^th GST Council meeting: Important points

The 50th GST Council meeting has concluded in New Delhi. Union Finance Minister Nirmala Sitharaman held a media briefing on the outcomes of GST council meeting.

Here are main points to be noted:

GST imposed on online games:

The Goods and Services Tax (GST) Council has finally took the decision to impose a 28% tax on the turnover of online gaming companies, horse racing and casinos.

GST cess on MUVs and Sedans:

GST cess has been raised from current 20 percent to 22 percent in MUVs that meet the length, engine criteria.

GST appellate tribunal to be effective from August 1, 2023:

The Council suggested that provisions of Finance Act, 2023 relating to GST Appellate Tribunal would be notified by the Centre with effect from August 1, 2023.

GST rates on food in cinema halls:

The GST council in the 50th meeting chaired by FM Nirmala Sitharaman has announced major good news for movie lovers that they decided to cut down GST rate on food dished in cinema halls to 5% from 18%.

GST exempted on satellite launch services:

As per the announcement by the GST council there is an exemption on GST for satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL).

They have also announced that the exemption will be extended to other organisations in private sector to encourage start ups.

GST rate reductions:

The GST council headed by Finance Minister Nirmala Sitharaman has reduced GST rates for four items.

These four items are described below:

• GST rate cut on Uncooked, unfried & extruded snack palettes from 18 to 5 %.
• GST has been reduced on Fish soluble paste from 18 to 5%.
• LD slag to be at par with blast furnace slag. It has been changed from 18 to 5%.
• The thread of Imitation zari cut down from 12% to 5%.

Question & Answer:

Q1. Which numbered GST council meeting has been held recently?

Ans. 50^th

Q2. How much percent GST levy on turnover over online gaming industry?

Ans. 28%

Q3. GST reduced to how much percent on food provided at the cinema halls?

Ans. 5%

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