50th GST Council Meeting Highlights: Tax exemption on medicines for rare health ailments, cancer drugs

50th GST Council Meeting Live: Food and beverages sold at the cinemas to get covered under 'restaurant service', liable to 5% GST says PVRINOX's Nitin Sood

"The entire cinema industry welcomes the clarification issued by the GST council today that food and beverages sold at the cinemas will get covered under the definition of “ restaurant service” and would be liable to GST @5% (without availment of input tax credit). The above clarification will help resolve the industry wide issue for the sector which includes more than 9000 cinemas across the country in avoiding disputes/litigation from GST standpoint, giving tax certainty and help in revival of the theatrical business post pandemic," said PVRINOX Limited, CFO, Nitin Sood.

50th GST Council Meeting Live: EY's Saurabh Agarwal said 28% tax on gaming a welcome move, to be seen whether the decision would be prospective or retrospective 

"The GST Council's decision to tax casinos, horse racing, and online gaming at 28% is a welcome move that brings clarity and certainty to the taxation of these activities. However, the high rate of tax could discourage the usage of games and negatively impact the pending litigation. It remains to be seen whether the decision would be prospective or retrospective in nature," Saurabh Agarwal, Tax Partner, EY said.

50th GST Council Meeting Live: 28% GST on CEA will create a hostile environment for legitimate domestic platforms says Games24x7 co-founder Bhavin Pandya

Bhavin Pandya, Co-founder, Co-CEO, Games24x7 said, "We are deeply distressed with the GST Council’s decision to implement 28% GST on the Contest Entry Amount (CEA) as opposed to Gross Gaming Revenue, which is the international standard for the sector. The tax on CEA effectively creates a hostile environment for legitimate domestic platforms with an unrealistic tax burden and is counterintuitive to the measures that the government has taken to promote this sunrise sector."

"Imposing GST on CEA will render the legitimate online gaming industry unviable, effectively driving consumers towards offshore and illegal platforms that pay no taxes, resulting in loss of taxes and outflow of foreign exchange. Further, this will also lead to loss of employment for thousands working in this sector," Pandya added.

50th GST Council Meeting Live: "India's gaming industry witnessed a remarkable growth in recent times and is growing at a CAGR of 28-30 percent is saddled with the decision of the GST Council," said Kishore Kumar, Lead, Indirect Tax, Taxmann.

50th GST Council Meeting Live: The effective date for the 28 percent GST levy on online gaming will roll out after amendments to GST law. Currently, services of casinos, horse racing, and online gaming attract 18 percent GST.

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50th GST Council Meeting Live: All multi-utility vehicles (MUVs), whether sports utility vehicles (SUVs) or crossover utility vehicles (XUVs), will have to pay a tax of 22 percent compensation cess over and above the 28 percent GST rate.

50th GST Council Meeting Live: The GST Council has decided to exempt tax on medicines for rare health ailments and cancer drugs. These drugs are decided by centres of excellence to be imported as and when required. Read more

50th GST Council Meeting Live: 28% GST to be levied on on the full face value of online gaming, horse racing, and casinos, with no distinction between games of skill and chance.

50th GST Council Meeting Live: Tax rates have been brought down to 5 percent from 18 percent on 4 items related to uncooked, unfried and extruded snack palettes.

50th GST Council Meeting Live: GSTAT to start operation in the next four to six months: Sanjay Malhotra

50th GST Council Meeting Live: Changes proposed to procedure and law for bogus registration. Bank account details need to be provided. Even if Aadhaar is authenticated, physical verification can be done. Presence of the applicant not mandatory for physical verification. A pilot biometric check of Aadhaar verification was also discussed: Vivek Johri

50th GST Council Meeting Live: Food and beverage inside cinema halls to be taxed at five percent: Revenue Secretary

50th GST Council Meeting Live: Delhi and some states raised the issue of bringing GSTN under PMLA. GSTN will not share any information with ED under this notice. The information will be used by FIU and tax authorities.

50th GST Council Meeting Live: Very substantive discussions took place on online gaming. MeitY is likely to provide a list of an inclusion or exclusion list of games. Our position is clearly on taxation. We will still align it with MeitY’s rules: Finance Minister

50th GST Council Meeting Live: Will bring Amendment to GST law to include online gaming; will be taxed at 28 percent on full face value, Finance Minister confirms