Key Points
The 50th meeting of the GST Council concluded on Tuesday with the goods and services tax rate trimmed down to 5% in four items..
However, one of the biggest highlights was the 28% tax rate imposed on the full value of online gaming which is likely a setback for Indian players..
Here are the key highlights of the 50th GST Council meeting:. 1. Finance Minister Nirmala Sitharaman chaired the GST council meeting in New Delhi in the presence of MoS (F) Pankaj Chaudhary, Revenue Secretary Sanjay Malhotra, Chairman CBIC Vivek Johri, Member GST and Member Tax Policy, CBIC among others..
Prior to the 50th meet, the council has so far held 49 meetings & has taken approximately 1500 decisions in the spirit of cooperative federalism. 11. GST council decided to amend the entry 52B in compensation cess notification to include all utility vehicles by whatever name called provided they meet the parameters of Length exceeding 4000 mm, Engine capacity exceeding 1500 cc and having Ground Clearance of 170 mm & above and to clarify by way of explanation that Ground clearance means Ground Clearance in un-laden condition. . 12..
The council decided to include RBL Bank and ICBC bank in the list of specified banks for which IGST exemption is available on imports of gold, silver or platinum and update the list of banks /entities eligible for such IGST exemption as per Annexure 4B (HBP) of Foreign Trade Policy 2023. . 13. Further, the council decided that on pan masala, tobacco products etc, where it is not legally required to declare the retail sale price, the earlier ad valorem rate as was applicable on 31st March 2023 may be notified in order for levy of Compensation Cess..
