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GST Council Meeting: Goods and Service Tax (GST) Council meeting is going to be held next week. In this, discussions will be held regarding reduction in tax on many items. During the meeting, relief can be given in the price of things needed by the common people.
In the next meeting of the GST Council, tax relief can be given on certain medicines, agricultural products, arthroplasty implants and services like satellite launch by private organizations. According to Mint’s report, a committee of officers who proposed to change the tax rate has recommended reducing the rates of some products, the committee of officers is also called the fitment committee.
Tax cut recommended on these products
The Fitment Committee has recommended reduction of GST rates on unfried snack pellets from 18 per cent to 5 per cent and suggested that exemption from 12 per cent IGST may be considered. Cancer drugs (Dinutuximab and Karziba) are imported for personal use. In such a situation, the committee has recommended giving such relief to medicines and food for FSMP when imported.
From satellite to cinema houses, the tax on beverages will be reduced?
According to the report of Live Mint, tax exemption can be considered on satellite launch by private organizations. The GST Council may also consider a proposal to levy 5 per cent tax on food and beverages in cinema halls instead of 18 per cent in certain cases. Apart from this, to remove the ambiguity of tax liability, it will clarify many matters.
Expected to discuss online gaming as well
In the meeting, the council can clarify the tax on products ranging from cotton sold by farmers to cooperatives, multi-utility vehicles and products like pan masala and chewing tobacco. Apart from this, in addition to the recommendations of the Fitment Committee, the GST Council will also review those areas where changes are needed in the law and rules. At the same time, online gaming can also be discussed in the meeting.
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