GST council's big decision: Online gaming, horse riding..!?
GST council's big decision: Online gaming, horse riding..!?
Many important decisions were taken in the 50th meeting of the GST Council. The GST Council has decided to remove IGST on cancer drugs. The tax on special medicines has also been reduced. The council has imposed a 28 percent tax on online gaming, horse riding, and casinos. Earlier they were taxed at 18 percent but now it has been increased to 10 percent. Finance minister Nirmala Sitharaman has given this information regarding the decisions of the GST Council.
This decision also applies to cinema halls:
A decision has also been taken regarding the GST levied on food and drink in cinema halls. Now only a five percent tax will be levied on food and drinks in cinema halls. Earlier it was taxed at 18 percent.
Which items are cheaper?
Cancer-fighting drugs, drugs for rare diseases are exempted from GST tax.
Satellite launch services by private operators are exempted from GST.
GST on raw and unfried snack pellets has been reduced from 18% to 5%.
GST on fish Soluble Paste has been reduced from 18 percent to 5 percent.
GST on fake threads has been reduced from 12% to 5%.
GST on LD slag has been reduced from 18% to 5%.
Union Finance minister Nirmala Sitharaman said that now there will be only three parameters for levying cess on SUVs. For the SUV segment, only length (4 m and more), engine capacity (1,500 cc and more), and ground clearance (170 mm and more unleaded clearance) will be included.
There are four tax slabs of GST:
About six years ago, the Finance Ministry of india implemented GST. After the implementation of GST, many indirect taxes including VAT, service tax, purchase tax, and excise tax were removed and GST was implemented directly. There are four slabs of GST effective from 1 July 2017. Its lowest tax slab is 5 percent and other slabs are 12, 18, and 28 percent. A 3 percent tax is levied on gold and gold jewelry.
1.51 lakh crore GST collection in the month:
According to Finance Ministry data, the GST collection in the financial year 2022-23 was Rs 18.10 lakh crore. However, there has been a 12 percent increase in GST collection in june this year. According to government data, GST collection in june 2023 stood at Rs 1.61 lakh crore. Whereas last year's GST collection in june was 1.44 lakh crore. While the GST collection in May 2023 was Rs 1.57 lakh crore.