The 50th Meeting of the GST council was held on 11th July, 2023 under the chairpersonship of the Union Finance & Corporate Affair Minister Smt. Nirmala Sitharaman. The GST Council has proposed some exciting changes to taxation, aiming to simplify processes and promote growth in various sectors. Here are the key recommendations: 🎲🏇 Uniform Tax Rate for Gaming and Horse Racing : The Council suggests applying a flat 28% tax on the full face value for Casino, Horse Racing, and Online gaming, streamlining tax procedures in these recreational activities. 🔍🗄️ GST Appellate Tribunal Notification : Effective from 01.08.2023, the Centre will establish a GST Appellate Tribunal, easing the resolution of disputes related to GST. 💉🥗 Tax Exemption for Essential Medical Goods : Good news for healthcare! The Council recommends exempting GST on medicines like Dinutuximab (Quarziba) and Food for Special Medical Purposes (FSMP) when imported for personal use, under existing conditions. This exem...
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