GST Council meet: 28% GST on online gaming & other important decisions

The 50th meeting of the Goods and Services Tax (GST) Council was held on Tuesday under the chairpersonship of the Union Finance & Corporate Affairs Minister Nirmala Sitharaman. In the 50th Meeting of the GST Council, has agreed to levy 28% GST on online gaming, horse racing, and casinos on full value. The GST council agreed that there should be no distinction between 'game of skill and game of chance.'

The council announced that GST on restaurants inside Cineplex will attract 5% GST against 18% earlier.

Along with this, other products which will see a reduction in GST are uncooked food palette, fish and soluble paste where the tax is 5% from 18% which was charged earlier.

Owning a large utility vehicle which includes an SUV and an MPV (multi-purpose vehicle) will become more expensive. Prices of UVs, those above four meters, are likely to go up by 2% with the GST Council increasing the cess by 200 basis points from the current 20% to 22%.

The Council has agreed to the recommendation to increase the compensation cess to 22% from 20% earlier on MUVs (over and above 28% GST), but Sedan has not been included in the list.

Source: Media reports