The GST council has already had 49 sessions and made over 1,500 decisions in the spirit of cooperative federalism prior to the 50th meet. Before the 50th meeting, Nirmala Sitharaman, the finance minister, had tweeted: “The 50th meeting is a milestone which indicates the success of cooperative federalism and establishment of a good & simple tax regime.”
In the 50th GST Council Meeting on July 11, the Group of Ministers (GoM), GST Council debates on internet gaming were insightful. The Council will make sure the IT Ministry is informed. They will comply with any regulations the government implements. the GST Appellate Tribunal should begin operating this fiscal year. GST appeals courts will be established in stages. The majority of GST appeal tribunals in the first phase would be established in state capitals and locations with high court benches. GST Council members stated some following modified policies:-
- They voted to impose a 28% GST on the complete value of online gambling, horse racing, and casinos without making a distinction between games of skill and chance. Online gambling, casinos, and horse racing would all be subject to a 28% entry-level tax on the entire face value of wagers. amendments to the GST law would make it clear that these three supplies are not subject to actionable claims in the same way as lotteries and wagering are. Sitharaman confirmed that the 28% GST charge on online gambling will go into force after changes to the GST law. Additionally, the council resolved to eliminate the distinction between a game of skill and a game of chance in the case of online gaming. Currently, internet gaming and betting are subject to a 28% GST regardless of whether they involve skill or chance. On other games’ gross gaming revenue (GGR), there is an 18% tax.
- The GST Council has voted to exclude medications for uncommon illnesses and cancer from the charge. Dinutuximab, a cancer medicine, and food for special medical purposes (FSMP), which are used to treat uncommon disorders, were both exempted from GST by the Council.
- They also stated that commercial operators’ satellite launch services are now free from GST.
- The GST Council has made it clear that the tax rate on food and drinks served at movie theaters would be 5%.
- In MUVs that fulfill the length and engine requirements, the GST cess has raised from the existing 20% to 22%. Companies will experience a 2% rise in tax incidence.
- Stated that a total of Rs 17,000 crore in tax fraud was discovered during the taxation department’s campaign against phony input tax credits.
GST Council members must agree on any modifications to these policies before they can be implemented. The GST Council is in charge of making decisions about GST rates, rules, and regulations. For Indian firms and consumers, the council’s choices might have a big impact.