The 50th meeting of the Goods and Services Tax (GST) Council was organized

The 50th meeting of the Goods and Services Tax (GST) Council was organized

 The Goods and Services Tax (GST) Council, in its 50th meeting, decided rules for online gaming, casinos, and horse racing, along with changes in tax rates on various items.

 The GST Council is a constitutional body that makes recommendations on issues related to the implementation of the Goods and Services Tax in India. As per Article 279A(1) of the amended Constitution, the GST Council was constituted by the President.

 GST is a value-added tax system levied on the supply of goods and services in India. It is a comprehensive indirect tax that was implemented in India on 1 July 2017 through the 101st Constitutional Amendment Act, 2016 with the slogan 'One Nation One Tax'.

Key facts

 It has been decided to levy a uniform tax of 28% on the full face value of bets placed for online gaming, casino, and horse racing.

 Uncooked or fried snack pellets and fish soluble pastes: Tax rate reduced from 18% to 5%.

 Imitation zari thread or yarn: Tax rate reduced from 12% to 5%.

 Food and beverages consumed inside cinema halls: The tax rate on cinema services has been reduced from the previous 18% to 5%.

 Instead of the earlier 18% tax on movie services, the tax rate was reduced to 5% without input tax credit.

 The GST Council has exempted drugs for the treatment of cancer, drugs for rare diseases, and food products for special medical purposes from GST.

 The council examined the proposals of the states for setting up 50 benches of GST Appellate Tribunals in the country. Initial benches will be set up in state capitals and places where High Courts have benches.

 The GST network has been brought under the purview of the Prevention of Money Laundering Act administered by the Enforcement Directorate.