By India Blooms News Service Jul 12, 2023
New Delhi: The all-powerful GST Council chaired by Union Finance Minister Nirmala Sitharaman on Tuesday decided to impose 28% tax on online gaming, horse racing and casinos.
There will be some amendment to GST law to include online gaming also in it. Online gaming, horse racing and casinos will be taxed. They will be taxed at 28% (each one). They will be taxed at full face value, Sitharaman said while briefing the media after day-long GST Council meeting.
It was the 50th GST Council meeting which was held in the capital.
The Council decided to reduce GST rates on four items while exempting three items related to rare diseases and cancer.
There are four items on which rates have come down. Three (items) received exemption which are cancer related drugs, medicines for rare diseases and food products for special medical purposes, the finance minister said.
As per todays Council decision, GST rates on uncooked/unfried extruded snack pallets have been brought down from 18% to 5%. On fish soluble paste also rates have been proposed to be reduced to 5% from 18%. GST Council also decided to bring down rates on imitation zari threads/yarn to 5% from 12%.
The Council also decided to expand the scope of taxation with regards to SUVs (sports utility vehicles).
On one particular item, we have expanded the scope of taxation and this is a topic in which, I remember, at least in two or three different Council meetings, particularly the deputy CM of Haryana had spoken about. Its on SUVs, the Finance Minister said.
As regards services, the GST Council decided to exempt satellite launch services provided by private organisations from tax.
We have offered exemption on GST for satellite launch services provided by private organisations. They shall not be levied GST, Sitharaman said.
As regards some states flagging the issue of delay in compensation, Sitharaman said that the Centre had cleared all the payments where AGs certificates had been submitted.
On the compensation released (to states), as I said, the summary of it is states which have given, for whichever year AGs certified claims, payments have been cleared by us. But there are some states for whom still a lot of or more than one years AG certificates are due for whom we will wait for the report to come and as and when the reports come, we will clear it, Sitharaman said.
(With UNI inputs)