Imported medicines to be cheaper due to GST exemption

New Delhi, July 12 (KNN) The GST Council on Tuesday recommended exemption of GST on key import of pharma products like cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP).

The 50th GST Council concluded in New Delhi on Tuesday which was chaired by Union Finance Minister Nirmala Sitharaman in the presence of ministers representing their states and Union Territories.

The GST Council also recommended Casino, Horse Racing and Online gaming to be taxed at the uniform rate of 28% on full face value.

It marked the completion of 50 Council meetings since the inception of GST.

The 50th GST Council meeting covered three important matters under the GST law. There were rate decisions taken on goods and services, as well as clarifications issued and rate regularisations undertaken.

Recommendations of various GoMs regarding issues relating to the taxation on casinos, horse racing and online gaming under GST were discussed at the meeting.

Another major decision taken at the meeting was to bring down rates from 18% to 5% on 4 items - Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag to be at par with blast furnace slag, and imitation zari thread.

GST Council also recommended several measures for streamlining compliances in GST. In this regard, The Council has recommended the Rules for governing appointment and conditions of President and Members of the proposed GST Appellate Tribunal for enabling smooth constitution and functioning of GST Appellate Tribunal.

Giving clarity on EDs sharing information on GST network, Revenue Secretary Sanjay Malhotra after the meeting said, “Under the recent finance ministry notification, it was clarified that it will only empower our tax authorities with more information. GSTN is a recipient of information.”  (KNN Bureau)