GulfHindi English Desk: The new GST rules in the country are expected to make several things cheaper. The approval of new GST regulations and the imposition of lower taxes will benefit those who are waiting to purchase vehicles. The GST Council may also decide to reduce the tax rate on food and beverages served in cinemas and consider imposing a 22% surcharge on multi-utility vehicles (MUVs) and online gaming. These proposals will be discussed in the 50th meeting of the council, chaired by Finance Minister Nirmala Sitharaman, scheduled to take place on July 11.
One major change that can be expected is a reduction in the GST rate on food and beverages served in cinema halls to 5%. The Fitment Committee associated with tax determination has recommended this move. Additionally, there may be a tax exemption on the import of cancer treatment drug Dinutuximab (Quarzilex). Currently, this drug is subject to a 12% integrated GST. The committee suggests that a drug costing Rs 36 lakh should be exempted from GST, which is currently at 18%.
Furthermore, a 22% surcharge may be imposed on multi-utility vehicles, and the registration rules for GST may become stricter. Individuals wishing to register for GST will need to provide details of their PAN-linked bank accounts within 30 days.
Overall, these changes in the GST regulations are expected to make cinema halls and cancer treatment more affordable, while also ensuring better compliance and revenue collection.
en.gulfhindi.com News Summary
👉The new GST rules and approved taxes are expected to make several things cheaper in the country.
👉If you are waiting to buy a vehicle, you will benefit from the reduced GST rates.
👉The GST council may decide to reduce the tax rate on food and beverages served in cinemas.
👉There may also be discussions on imposing a 22% tax on online gaming and multi-purpose vehicles (AMUVs).
👉The 50th meeting of the council, chaired by Finance Minister Nirmala Sitharaman, will take place on July 11.
👉The Fitment Committee associated with GST has recommended a 5% GST rate on food and beverages in cinema halls.
👉There may be an exemption on imported cancer drugs used for individual treatment.
👉Currently, these drugs have a 12% GST rate, but it should be exempted if the cost of the drug is 36 lakh rupees.
👉22% GST will be imposed on multi-purpose vehicles (AMUVs).
👉The rules for GST registration will also be stricter.
👉Individuals seeking registration will need to provide details of their bank account linked to their PAN within 30 days.
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