Finance minister Nirmala Sitharaman, who chairs the GST Council, said at a briefing that tax rates were cut on four items—uncooked snack pellets, fish soluble paste, certain yarn, and LD slag—a by-product of steel production that is used in certain industries. The council also exempted integrated GST (IGST) for three items—cancer drug dinutuximab (Qarziba), medicines, and food for special purposes used to treat rare diseases specified by the Union health ministry.
Among the changes, uncooked snack pellets and fish soluble paste will now be taxed at 5%, down from 18%, while a specific type of yarn will be taxed at 5%, down from 12%. The tax rate on LD slag will be cut from 18% to 5%, on par with blast furnace slag and fly ash.
In the case of online gaming, horse racing, and casinos, a vexed issue on which ministers consulted extensively, the council recommended amendments to the law to specify a 28% tax on all three categories at their full face value.
“I am happy to say we have arrived at a decision. There will be some amendments to GST law. Simply put, online gaming, horse racing, and casinos will be taxed at 28% and will be taxed on full face value," Sitharaman said.
Bu hikaye Mint Mumbai dergisinin July 12, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin July 12, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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