The GST Council had a meeting on Tuesday and made some significant decisions. Check what got expensive and what got cheaper.
The 50th meeting of the GST Council concluded on Tuesday, July 11, 2023, with Finance Minister Nirmala Sitharaman presiding over the proceedings. Prior to the meeting, there were numerous speculations about which goods would become more affordable and which ones would become more expensive. Many decisions were made during the meeting, aligning with the expectations expressed by experts. Among these decisions was the increase in the GST rate for casinos and gaming.
Here is a comprehensive list of goods and services that have become either costlier or cheaper due to the changes in GST. It is worth noting that most of these decisions directly impact the middle class, and a majority of them were focused on reducing the GST rate. Let's delve into the details of what has become more expensive and what has become more affordable.
Gaming has become more expensive as the GST Council decided to impose a 28 percent tax on the total turnover of online gaming companies, casinos, and horse racing. The Finance Minister stated that this decision was made based on the recommendation of the Group of Ministers (GoM) responsible for online gaming, casinos, and horse racing. The debate revolved around whether GST should be applied to the entire amount, the revenue generated from the game, or only the platform fee. Ultimately, the Group of Ministers decided to levy GST on the entire amount. Additionally, a 22 percent cess was approved for multi-utility vehicles (MUVs), and the definition of MUVs was revised accordingly.
On the other hand, several goods and services have become more affordable. Medicines for cancer and other rare diseases, as well as special medical foods, have been fully exempted from GST. Furthermore, private companies providing satellite launch facilities are now exempt from GST. The GST rate on fish soluble paste and LD slag has been reduced from 18 percent to 5 percent. Fish soluble paste is a nutrient-rich fertilizer, while LD slag is an industrial waste material used in road construction and other construction activities.
Other items that have become more affordable include raw and un-fried snack pellets, which have been reclassified from the 18 percent slab to the 5 percent slab. The GST rate on fake zari thread has been reduced from 12 percent to 5 percent. Additionally, popcorn and other food items available in cinema halls now carry a reduced GST rate of 5 percent, down from the previous 18 percent.
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