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GST Council Meeting: An important meeting of the GST Council is going to be held on Tuesday, 11 July 2023. This will be the 50th meeting of the GST Council under the chairmanship of Finance Minister Nirmala Sitharaman, in which many important decisions are expected to be taken. In this meeting, a decision can be taken to make the medicine for cancer cheaper and to make food and drink cheaper in the cinema hall.
In the GST Council meeting, clarification can be issued regarding 22 percent cess on SUV vehicles. It is believed that apart from 28 per cent GST, a 22 per cent cess can be agreed upon on all SUVs. The meeting is expected to discuss the imposition of 28% GST on online gaming, casinos, horse racing.
CBIC these days is trying to crack down on fake Input Tax Credit (ITC) claimants and bogus companies are being cracked down on. In such a situation, the exercise of GST registration is expected to be made more strict. The process of GST registration can be made stricter. The proposal for the formation of GST Tribunal is also included in the agenda of the GST Council meeting.
In the GST Council meeting, a decision can be taken on making the import of cancer drug Dintuvximab cheaper. IGST can be reduced to zero instead of 12%. The cost of one dose of this cancer medicine is around Rs 63 lakh. It is also proposed to reduce IGST on medicine and food for special medicine.
At present, 18 percent GST is levied on food and drink in cinema halls, similar to restaurants. It can be reduced to 5 percent in the GST Council meeting. In the GST Council meeting, apart from Finance Minister Sitharaman, state finance ministers and CBIC officials will attend the meeting.
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