50th GST Council Meeting

Current Context: The 50th GST Council Meeting was held on July 11, 2023, and it resulted in a number of changes to GST rates and compliance measures. Some of the key highlights include:

• Reduction in GST rates on four goods: The GST rate on uncooked/unfried snack pellets, fish soluble paste, imitation zari thread, and LD slag has been reduced from 18% to 5%.
• Introduction of uniform GST rate for casino, horse racing, and online gaming: These activities will now be taxed at a uniform rate of 28% on the full face value of bets or gross game revenue (GGR).
• Exemption of Dinutuximab (Quarziba) and medicines for treatment of rare diseases: These items will now be exempt from GST.
• Exemption of Food for Special Medical Purposes (FSMP): These items will now be exempt from GST.
• Regularisation of taxability of trauma, spine, and arthroplasty implants: These implants will now be taxed at the same rate as other medical devices.
• Relaxations in compliance measures: The GST Council has also announced a number of relaxations in compliance measures, such as the extension of the deadline for filing annual returns and the simplification of the GSTR-9 and GSTR-9C forms.
• These changes are expected to have a significant impact on businesses and consumers across India. The reduction in GST rates on four goods will make these items more affordable for consumers, while the introduction of a uniform GST rate for casino, horse racing, and online gaming will provide greater clarity for businesses in these sectors. 
• The relaxations in compliance measures are also welcome, as they will help to reduce the administrative burden on businesses. Overall, the 50th GST Council Meeting has made a number of positive changes that are likely to benefit businesses and consumers alike.

Question:

Q.1 What is the new GST rate for uncooked/unfried snack pellets, fish soluble paste, imitation zari thread, and LD slag?
a.  5%
b. 12%
c. 18% 

d. 28%