INVC NEWS
New Delhi : The Goods and Services Tax (GST) Council, in its 50th meeting, recently announced significant tax cuts and exemptions. One of the key decisions was the reduction of tax on food served in cinema halls. Previously, food in cinema halls attracted an 18 percent GST, but the council has now reduced it to only 5 percent.
The council also discussed tax exemptions on the import of certain life-saving drugs. They have decided to waive the GST on the import of cancer drug dinutuximab, which is used in the treatment of rare diseases, as well as Food for Special Medical Purposes (FSMP).
Additionally, the council has approved the imposition of a 28 percent tax on online gaming, casinos, and horse racing. This tax will be levied on the full face value of bets made in these activities.
The clarification regarding the reduced tax rate on food and beverages consumed in cinema halls was provided by Revenue Secretary Sanjay Malhotra. West Bengal Finance Minister Chandrima Bhattacharya also confirmed the council’s decision to exempt GST on the import of dinutuximab and FSMP while speaking to reporters in New Delhi.
These decisions aim to provide relief to consumers, encourage the import of life-saving drugs, and ensure the taxation of online gaming, casinos, and horse racing activities at a fair rate.
