Finance Minister Nirmala Sitharaman is scheduled to brief the media on the outcomes of the 47th Goods and Services Tax (GST) Council meeting at 4 pm today. In its two-day meet, the Council likely discussed the GST Compensation issue and a proposal to impose a uniform rate of 28 per cent on all activities related to online games, casinos and horse racing, including the contest entry fee paid by the player.
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On the first day, the Council chaired by Ms Sitharaman and comprising state counterparts, decided to tweak tax rates of some goods and services, including bringing pre-packed and labelled food items under the tax net to check evasion.
Unbranded but packed (local) dairy and agricultural products would be taxed at a 5 per cent. Currently, a 5 per cent GST is levied on branded and packaged food items, while unpacked and unlabelled are tax exempt.
The GST Council has also accepted the recommendation of State Finance Ministers to bring hotel rooms (with tariff below ₹ 1,000 per night) and hospital rooms (with a daily tariff of over ₹ 5,000 per day) within the ambit of a 12 per cent GST rate slab.
GST was introduced on July 1, 2017, and states were assured of compensation for the revenue loss till June 2022, arising on account of the rollout.
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