In a much-needed boost to the sports industry, the Goods and Services Tax (GST) Council in its meeting stated that a section of sports goods would be excluded from the ambit of the new taxation scheme.
The council in its 23rd meeting held recently in Guwahati stated that the import of specific sports goods by sportspersons of outstanding eminence will be exempted from the ambit of the Integrated GST (IGST).
Responding to the same, Union Sports Minister Rajyavardhan Singh Rathore opined that the decision provided "a major institutional support for sports and will be a big boost to promoting sports in the country."
The change in IGST exemption would come into effect from November 15, an official release from the Ministry of Youth Affairs and Sports noted.
The GST Council on Friday granted major relief in rates on certain goods and services, with as many as 178 items brought down from the 28 per cent to the 18 per cent tax bracket, applicable from November 15.
In a major boost to the service category, GST in restaurants underwent major changes with ITC (input tax credit) getting cancelled to all restaurants barring starred hotels.
It was noted that all stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5 per cent without ITC.
Food parcels (or takeaways) will also attract 5 per cent GST without ITC.
Also, restaurants in hotel premises having room tariff of less than Rs 7,500 per unit per day will attract GST of 5 per cent without ITC.
Restaurants in hotel premises having room tariff of Rs 7,500 and above per unit per day (even for a single room) will attract GST of 18 per cent with full ITC.
Articles such as shampoos, detergents, washing powder, perfumes, hair cream, hair dyes, chocolates, and so on were brought down from the 28 per cent to 18 per cent tax slab.