50th GST Council Meeting Key Highlights byManoj JaininGST Council Meeting Publish on July 11th, 2023 The Union Finance Minister Nirmala Sitharaman will preside over the 50th GST Council Meeting, which is most likely to take place in June 2023. ...
This is seen as a significant move after the decisions made in the 50th GST Council meeting on July 11, 2023. The government has released a new advisory on Liability / Difference Appearing in R1 – R3B (DRC-01B) that talks about Bridging the Gap Between GSTR-1 and GSTR-3B. We have...
The GST Council in its 50th meeting on Tuesday, presided over by Union Finance Minister Nirmala Sitharaman, exempted cancer treatment drugs, special medicines, and food for medical purpose from levy of the Goods and Services Tax. Source: IANS New Delhi, July 11 (IANS) The GST Council in it...
54th GST Council Meeting – A GST rate from 12% to 5% reduced on cancer drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. A decision has been made to GST-exempt Dinutuximab (Quarziba) medicine from IGST when imported for personal use according to the 50th GST Council. The ...
The recent hike in GST amidst industry concerns This increase in collections is a result of anincrease in the GST leviedon online gaming since last year. Following the 50th GST Council Meeting, the Finance Minister had announced a 28% GST levy on the total game value for on...
July 2023 (50th GST Council Meeting): In its 50th meeting in July 2023, the GST Council decided to impose a 28% tax—the highest slab—on the full face value of online gaming, aligning it with the taxation of casinos and horse racing. The Council also ruled out any distinction between ...
In the recently held 50th GST Council Meeting, it has been decided that 22 per cent compensation cess would be levied over and above 28 per cent Goods and Services Tax (GST) on all types of utility vehicles meeting the set parameters of length exceeding 4000 mm, engine capacity exceeding ...
Prelims level: GST, GST Council Mains level: NA Central Idea The Goods and Services Tax (GST) Council convened its 50th meeting on July 11, announcing significant revisions and clarifications to tax rates. Additionally, the council discussed the establishment of GST Appellate Tribunals. It sought...