The 50th meeting of the GST Council concluded on Tuesday. Many important issues were discussed and decisions were taken in this meeting chaired by Finance Minister Nirmala Sitharaman at Vigyan Bhawan in New Delhi. In this, including Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and Union Territories and senior officers of Center and States were also involved. Talking about the big decisions taken in the meeting, it has been decided to impose 28 percent GST on online gaming.
No IGST on imported cancer medicine
Talking about other major decisions taken in this meeting held under the chairmanship of Finance Minister Nirmala Sitharaman, the Council has approved the formation of GST Tribunal. With the formation of GST Tribunal, taxpayers will get a big relief. After the formation of the tribunal, disputes related to GST will be settled easily. The Revenue Secretary said that these works will start in four to six months.
Apart from this, now IGST will not be imposed on imported cancer medicine. It was already expected that the import of cancer drug Dinutuximab could be cheaper in this meeting of the GST Council. At present 12 percent IGST is levied on this, which has been reduced by the council to zero. One dose of this medicine costs 63 lakh rupees.
28% GST on gaming-horse racing-casino
At the same time, 28 percent GST will be imposed on the full cost of gaming, horse racing, casino. Apart from this, the share of GST on the registration of vehicles will also be given to the consumer state, an agreement has also been reached on this matter. GoM headed by Meghalaya Chief Minister Conrad Sangma had proposed to impose 28 percent GST on online gaming in its report. This proposal has been given the green signal.
According to PTI, after the meeting, Maharashtra minister Sudhir Mungantiwar told that online gaming has been brought under the ambit of GST law. Game of skill and game of chance have no meaning. Whatever the face value is, 28% GST will be levied on it.
Explaining the decision to impose 28 percent GST on online gaming, Finance Minister Nirmala Sitharaman said that this decision has been taken after discussing the issue in detail. During the discussion, how much is the impact of the online gaming industry in today’s time and how much revenue can be generated in it. This decision has been taken after discussing all these aspects with each state. Our aim is not to destroy them.
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