New Economic Policy & Govt. Sector
GST Council 50th Meeting
- The Goods and Services Tax (GST) Council, as its 50th meeting reduced or clarified the tax rate on some items ranging from uncooked or unfried snack pellets to special utility vehicles (SUVs), exempted imported drugs to treat cancer and rare diseases.
- Whether they involve skill or chance, or both or neither, bets and wagers made on all three activities, will attract a 28% levy.
- The GST laws will be amended to include online gaming.
- The council also examined States proposals to set up 50 Benches of the GST Appellate Tribunals in the country.
- The statutory bodies to resolve mounting GST disputes shall become operational within four to six months.
TN in GST Council
- Tamil Nadu on told the GST Council that any decision on online games should conform to the Tamil Nadu Prohibition of Online Gambling Act, 2022.
- Tamil Nadu supported the proposal to grant exemption from payment of Integrated Goods and Services Tax (IGST) on import of expensive medicines used to treat cancer patients.
- It supported the proposal to grant exemption on IGST payable on import of medicines and Food for Special Medical Purposes (FSMP) used in the treatment of certain rare diseases.
About GST
- The Central Goods and Services Tax Act, 2017 was passed as the 101st amendment act.
- GST laws were implemented – On July 1, 2017.
