From 5% to 28% GST rates, here are key highlights of 50th GST council meeting

livemint.com:

GST Council concluded on Tuesday with the goods and services tax rate trimmed down to 5% in four items. Also, the council exempted GST on several imported pharma products. However, one of the biggest highlights was the 28% tax rate imposed on the full value of online gaming which is likely a setback for Indian players.

The Revenue Secretary also clarified concerns related to ED interference in GSTN. 1. Finance Minister Nirmala Sitharaman chaired the GST council meeting in New Delhi in the presence of MoS (F) Pankaj Chaudhary, Revenue Secretary Sanjay Malhotra, Chairman CBIC Vivek Johri, Member GST and Member Tax Policy, CBIC among others.

2. GST council exempted cancer-related drugs, medicines for rare diseases, and food products for special medical purposes from GST tax.  3. The council approved a GST rate reduction on four items.

These are: - Uncooked, unfried, and extruded snack palettes to a GST rate of 5% from 18%. - Fish soluble paste to see 5% GST rate from earlier 18%. - LD slag to be at par with blast furnace slag.

It has been changed from 18 to 5%. - Imitation zari thread brought down from 12% to 5%. 4.

Also, the council reduced the GST rate to 5% on foods served in cinema halls from the earlier rate of 18%. The council said, it has been decided to clarify that supply of food and beverages in cinema halls is taxable as restaurant service as long as (a) they are supplied by way of or as part of a service and (b) supplied independently of the cinema exhibition service. Where the sale of cinema ticket and supply of food and beverages are clubbed together, and such bundled supply satisfies the test of composite supply, the entire supply will attract GST at the rate applicable to service of exhibition of cinema, the