Home GST fiftieth GST Council Assembly Official Press Launch

fiftieth GST Council Assembly Official Press Launch

fiftieth GST Council Assembly Official Press Launch

fiftieth GST Council Assembly Official Press Launch

The fiftieth Assembly of the GST Council was held on eleventh July, 2023 in New Delhi, underneath the chairpersonship of the Union Finance & Company Affairs Minister Smt. Nirmala Sitharaman.

The GST Council inter-alia made the next suggestions regarding modifications in GST tax charges, measures for facilitation of commerce and measures for streamlining compliances in GST.

Particular Medicines for uncommon illnesses primarily based on the listing of well being departments come underneath the purview of GST Exemption.

1. It has been determined to exempt IGST on Dinutuximab (Quarziba) drugs when imported for private use.

2. It has been determined to exempt IGST on medicines and Meals for Particular Medical Functions (FSMP) used within the remedy of uncommon illnesses enlisted underneath the Nationwide Coverage for Uncommon Ailments, 2021 when imported for private use topic to present situations. Equally, IGST exemption can also be being prolonged to FSMP when imported by Centres of Excellence for Uncommon Ailments or any particular person or establishment on advice of any of the listed Centres of Excellence.

GST Council decides to levy 28% GST on full worth of gaming, horse racing and casinos. Modification to be made in GST Act to point out them as Actionable Claims.

Items and Providers Tax Appellate Tribunal (Appointment and Circumstances of Service of President and Members) Guidelines, 2023: The Council has really helpful the Guidelines governing appointment and situations of President and Members of the proposed GST Appellate Tribunal for enabling easy structure and functioning of GST Appellate Tribunal. The Council additionally really helpful that provisions of Finance Act, 2023 pertaining to GST Appellate Tribunal could also be notified by the Centre with impact from 01.08.2023, in order that the identical may be introduced into operation on the earliest. Additional the council has really helpful the Chief Secretary of Maharashtra to be nominated as one of many members of the Search cum choice committee as per Part 110(4)(b)(iii) of CGST Act 2017. Concerning the variety of State Benches, it was determined to begin them in a part sensible method.

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