28 pc tax to be imposed on online gaming, horse racing and casinos by GST Council

In the 50th meeting of the GST Council on Tuesday, Nirmala Sitharaman as Finance minister of India also chairing the council, it was decided to impose 28 pc (per cent) tax on the turnover of online gaming, horse racing and casinos.

No differentiation on the basis of whether the game required skills or based on chance, while imposing the tax. The tax will be levied on the full face value.

The council has decided to bring down tax from 18 pc to 5 pc on uncooked or unfried extruded snack pallets. The same relaxation has been given to fish soluble paste as well. Zari threads imitation rates are also brought down to 5 per cent from 12 per cent.

The minister has also mentioned in the same meeting that cancer fighting drugs and medicines for rare diseases are exempted from levy.

The council has also decided an exemption for satellite launch services provided by private organizations on GST.

With assurance of compensation for loss of any revenue arising on account of GST implementation for a period of five years to the states, Goods and Services Tax was introduced in the country with effect from 1st July, 2017.

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