GST Council 50th Meeting: Top Highlights of the GST meet

50th gst council meetingThe Goods and Services Tax (GST) Council held its 50th GST Council meeting on 11th July 2023 at Vigyan Bhawan, New Delhi. It marks the completion of 50 Council meetings since the inception of GST.

Union Finance Minister Nirmala Sitharaman released a special cover and customised myStamp on the occasion of the 50th Goods and Services Tax (GST) Council meeting. Chief Post Master General, Delhi Circle presented the special cover and the customised myStamp to Sitharaman. The Finance Ministry confirmed the development in a tweet.

Read Also: GST offences under PMLA; GSTN to share data under PMLA

The Finance Ministry tweeted images from the event and wrote: “On the occasion of the 50th meeting of the GST Council, Union Finance Minister Smt. @nsitharaman releases a Special Cover and customised myStamp. The Special Cover and customised myStamp was presented to the Union FM Smt. @nsitharaman by the Chief Post Master General, Delhi Circle @IndiaPostOffice”.

50th GST Council meeting

According to the text on the customised myStamp, GST “replaced multiple indirect taxes levied by the Centre and the States with a single tax”. It further said the introduction of GST reduced the cascading effects of taxation and improved the ease of doing business in India.

Read Also: GST Council likely to make Physical Verification compulsory for High-Risk Category

The myStamp also stated that GST also ushered in uniformity in tax rates across India, simplification of tax compliance procedures, and increased transparency. Finance Minister Sitharaman also released a short film titled GST Council- 50 Steps Towards A Journey on the occasion.

Top Highlights of 50th GST Council Meeting

1.  GST Rate reduced

Rates have been brought down on four items, including fish soluble paste and LD slag from 18 percent to 5 percent, Finance Minister Nirmala Sitharaman said.

2. 28% GST rate on Online Gaming

GST Council decides to levy 28% GST on full value of gaming, horse racing and casinos. Amendment to be made in GST Act to show them as Actionable Claims.

3. GST Exemption given

GST Council exempts cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST tax. Satellite launch services provided by private organisations have been exempted from Goods and Services Tax (GST), Finance Minister Sitharaman said.

4. GST Tribunal Setup

In the GST Council meeting, it was decided that seven GST tribunals will be set up in Maharashtra, and two tribunals will be set up in West Bengal.

The GST Council has approved 22 percent cess rate on MUVs, but Sedan has not been included in the list, FM Nirmala Sitharaman told reporters.

Read Also: GST rate reduced for home appliances, mobile phones over 6 Year of GST; check full list here

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