In a major setback to the online gaming industry, 28% GST rate has been placed on the whole value of gambling, horse racing, and casinos.
New Delhi: During its 50th meeting, chaired by FM Nirmala Sitharaman, the GST Council decided to lower the GST rate on food and beverages sold in movie theatres to 5%. Unquestionably, this is wonderful news for moviegoers. It must be noted that the former GST rate on food and beverages served in the restaurant was 18%, but now it has been reduced.
The 50th GST Council meeting concluded on Tuesday in New Delhi and it has taken several important measures. In a major setback to the online gaming industry, 28% GST rate has been placed on the whole value of gambling, horse racing, and casinos. Additionally, the council members excluded GST from imports of significant pharmaceutical goods such as the cancer drug dinuximab and food for special medicinal purposes (FSMP).
Item To Become Costlier:
The all-powerful Goods and Services Tax (GST) Council on Tuesday decided to impose a 28 percent tax on the turnover of online gaming companies, horse racing, and casinos, finance minister Nirmala Sitharaman said.
Key Items That Will Become Cheaper After the 50th GST Council Meeting
Cancer treatments drugs and medications for other rare disorders
Private operators who launch satellites
Raw, undercooked, and unfried snack pellets
Fish-soluble paste
Imitation Zari thread
Relief For Cancer Patients
Dinutuximab, the critical cancer medicine, can now be imported without paying any GST. The GST Council authorised the exemption of GST on the import of the cancer medicine Dinutuximab and Food for Special Medical Purposes (FSMP) that are used in the treatment of rare disorders, among other changes, as per Mint.
Key Points of the GST on Online Gambling and Betting:
The council resolved to eliminate the distinction between games of skill and games of chance when it comes to internet gaming.
Online gaming, gambling, and horse racing will all be subject to a 28% GST rate.
The tax will be applied to the whole face value of bets placed at the entry point.
Changes to the GST rules will make it such that these three supplies are not subject to the same kinds of actionable claims as gambling and lotteries.
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