[ad_1]
The 50th meeting of the Goods and Services Tax (GST) Council is going on and many topics like online gaming and GST Appellate Tribunal are going to be discussed in it. The Council has played a key role in deciding key issues related to GST such as tax rates, exemptions, limits and administrative procedures.
GST Council takes decisions unanimously. The decision of the GST Council is taken by a majority of not less than three-fourths of the votes of the members present and voting. In the 50th meeting of the council, tax can be reduced on many things, while tax on some things can also be increased. Here’s whatcan be cheap and what can be expensive.
These things can becheap
Food and drink inside the cinema hall
Food and drink items sold inside the cinema hall can be cheap. Multiplex Association of India (MAI), an industry lobby group representing cinema hall owners, has proposed to reduce tax on certain categories of food and beverages (F&B) sold inside cinema halls from the existing 18 per cent. 5 per cent has been proposed. Especially the tax on popcorn, cold drinks and other related food items can be reduced. These things are an important source of revenue for cinema owners, as they account for 30-32 per cent of the annual income. Currently, movie tickets below Rs 100 attract 12 per cent tax, while those above the limit attract 18 per cent GST.
Medicines can also be cheapnbsp;
One more thing that can be cheap is the medicines. It has been proposed that medicines costing Rs 36 lakh should be exempted from GST. The Fitment Committee has recommended reduction of GST rates on unfried snack pellets from 18 per cent to 5 per cent. It has been suggested to exempt IGST of 12 per cent when cancer drugs (dintuximab or curziba) are imported by individuals for personal use. Apart from this, satellite service launch can also be cheap.
The prices of which things will increase
Meghalaya Chief Minister Conrad Sangma-led committee has proposed to increase taxation on online gaming, horse racing and casino. The committee has said that online gaming should be taxed at 28 per cent, platform at 18 per cent and rewards should be exempted. The fitment committee has recommended that MUV and XUV should be taxed at 22 per cent. Apart from this, the committee can take a decision on TCS on e-commerce business.
Read also
CarTrade to buy OLX India’s auto business, shares jump over 15%
[ad_2]
Source link