Key Highlights from the 50th GST Council Meeting

Lower GST Rates for Food & Beverages with Movie Tickets

– Reduced taxes on food and beverages at the movies. – Tax rate for bundled supplies of food and beverages with movie tickets was reduced from 18% to 5%.

Tax Exemption for Cancer Treatment Drugs

– Tax exemption for cancer drugs, rare disease medicines, and special medical food products. – No 12% IGST on imported items for personal use under National Policy for Rare Diseases.

28% GST on Casinos, Horse Racing, and Online Gaming

– The new tax rate for gambling and online gaming: 28%. – Casinos taxed based on face value of chips, horse racing and online gaming taxed on full value of bets.

Taxation of Multi-Utility Vehicles

– Proposed 22% cess on utility vehicles meeting specific criteria. – Criteria include length, engine capacity, and ground clearance.

These are the key updates from the 50th GST Council meeting held on July 11, 2023