• Source:JND
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JE Business Desk: The all-powerful Goods and Services Tax (GST) Council on Tuesday decided to impose a 28 per cent tax on the turnover of online gaming companies, horse racing and casinos, finance minister Nirmala Sitharaman said.

The panel, headed by the Union finance minister and comprising representatives of all states and UTs, also lowered the service tax levied on food and beverages consumed in cinema halls to 5 per cent and tweaked the definition of an SUV for attracting a cess over and above the GST rate.

The council made a number of changes in the existing GST slabs for various goods and services. Here's the complete list of what is set to become costlier and cheaper after the key meeting.

Things That Get Costlier And Cheaper After 50th GST Council Meet:

GST of 28 per cent will be levied on the total value of online gaming, horse racing, casinos

GST Council exempts cancer-fighting drugs, medicines for rare diseases from GST tax

GST Council lowered the service tax levied on food and beverages consumed in cinema halls to 5 per cent

GST Council exempts GST satellite launch services by private operators.

Reduction of GST on LD slag from 18 per cent to 5 per cent

GST rates on uncooked/unfried extruded snack pallets were brought down from 18 per cent to 5 per cent.

On fish-soluble paste, rates have been brought down to 5 per cent from 18 per cent.

Rates on imitation zari threads brought down to 5 per cent from 12 per cent. 

Meanwhile, Union finance minister Nirmala Sitharaman said presently the definition of an SUV for levy of cess includes four parameters -- should be popularly known as SUV, should be of length of 4 meters or above and engine capacity of 1,500 cc and above, and unladed ground clearance of minimum 170 mm.

At the beginning of the meeting taking place in the national capital, Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of cooperative federalism, the office of Nirmala Sitharaman tweeted.

"The 50th meeting is a milestone which indicates the success of cooperative federalism and establishment of a good & simple tax regime," the tweet said.