50th GST Council meeting: On 11th July, the 50th Goods and Services Tax (GST) Council meeting held by Union Finance Minister Nirmala Sitharaman. The council made a number of changes in the existing GST slabs for various goods and services. Here is a detailed list of all the items that become costlier and cheaper after the crucial meeting.
Items which are costlier after 50th GST Council Meet
- Automobiles are taxed at 28 per cent GST, with additional cess ranging from 1 per cent to 22 per cent depending on the type of vehicle. SUVs attract the highest GST at the rate of 28 per cent along with a compensation cess at 22 per cent. The SUV definition will include only the length (4 meters and above), engine capacity (1,500 cc and more), and ground clearance (unladed clearance of 170 mm and more), she said.
- 28% of GST will be levied on total value of online gaming, horse racing, casinos: FM Sitharaman after GST Council meeting.
Items which are cheaper after 50th GST Council Meet
- Reduction of GST in imitation of Zari thread from 12% to 5%.
- Reduction of GST in fish soluble paste from 18% to 5%
- Reduction of GST in uncooked and unfried snack pellets from 18% to 5%
- Reduction of GST on LD slag from 18% to 5%.
- GST Council exempts cancer fighting drugs, medicines for rare diseases from GST tax
- GST Council exempts GST satellite launch services by private operators.
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