50th GST Council: Full list of items to be costlier and cheaper after meet
By Team Newsable | First Published Jul 11, 2023, 9:24 PM ISTGST Council imposes 28 per cent tax on online gaming, horse racing, and casinos, aiming to bring them under the purview of GST framework.
In a significant development, the Goods and Services Tax (GST) Council, chaired by Finance Minister Nirmala Sitharaman, has announced its decision to levy a 28 per cent tax on the turnover of online gaming companies, horse racing, and casinos. The council, which includes representatives from all states and Union Territories (UTs), arrived at this tax rate after considering the recommendations made by a group of ministers responsible for assessing the taxation of casinos, horse racing, and online gaming. This move is aimed at ensuring appropriate taxation in these sectors and bringing them under the purview of the GST framework.
Rates have been brought down from 18 percent to 5 percent on 4 items related to uncooked, unfried and extruded snack palettes.
- Union Minister pic.twitter.com/78yLEZvD20
Key things to get cheap after 50th GST Council Meet:
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Key things to be costlier after 50th GST Council Meet:
According to FM Sitharaman following the GST Council meeting, a 28 per cent GST will be applied to the whole value of online gambling, horse racing, and casinos.
Currently, an SUV must meet four criteria in order to be subject to the imposition of a cess: it must be commonly referred to as an SUV, be at least 4 metres long, have an engine with a displacement of 1,500 cc or more, and have a minimum 170 mm of unloaded ground clearance.
According to her, the SUV will henceforth only be defined by its length (4 metres and up), engine size (1,500 cc and up), and ground clearance (170 mm and above).
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