The GST Council is chaired by Union Finance Minister Nirmala SitharamanNew Delhi: Finance Minister Nirmala Sitharaman begins briefing media on the outcomes of the 47th Goods and Services Tax (GST) Council meeting. 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.Get NDTV UpdatesTurn on notifications to receive alerts as this story develops. No discussion to bring petro-products under GST, said Ms Nirmala Sitharaman. Small traders with turnover of less than Rs 40 lakh can do online trading intra-state without GST number from January 1, 2023, says Revenue Secretary Tarun Bajaj. No discussion on crypto currency during two days of the GST Council meeting, says Ms Sitharaman.GST Council will decide on excess cess mop up, said Ms SitharamanJuly 18 has been fixed as the date for implementation of decisions related to rate rationalisation and exemptions, says Ms Sitharaman.Rate rationalisation decision extended by three months, says Ms Sitharaman Three-four states recommended an end to compensation, says Ms Sitharaman.Some states demanded extension of GST compensation to states for few more years: Finance Minister after GST Council meeting. It was requested that GST compensation should be extended by five years, no decision taken yet, says Ms Sitharaman. GST Council has asked Group of Ministers to re-deliberate tax rate on horse racing, online gaming, casinos by July 15: Nirmala Sitharaman GST Council asks Group of Ministers (GoM) to re-deliberate tax rate on horse racing, online gaming, casinos by July 15, says Ms Sitharaman.Online gaming, casinos, betting, horse riding are all taxed at 28%. The GOM was in favour of continuing status quo: Nirmala Sitharaman GST Council decided on four GoM reports, which were part of the core agenda of this meeting. The four reports were on the following topics: Rate rationalisation, on betting, gambling, lottery, on IT and technology related changes and on movement of precious metals like coal. Few states said that they would like the GST Compensation to continue while some states agreed that despite Pandemic it is time to stand on their feet, Ms Sitharaman said on the discussion on compensation cess.By July 15 report on gaming should be with the Council and another meeting will be held on this agenda in first week of August or August 1, Finance Minister said while elaborating on the discussions held on online gaming, casinos and horse racing.Treatment of casinos should be different, Goa Chief Minister told the GST Council while intervening in discussion on report concerning gaming and casinos.The third GoM on IT related matters headed by deputy chief minister of Maharashtra submitted its report and it has been submitted.GoM on casinos, online gaming has submitted its report, the Finance Minister informed. GoM on Rate Rationalisation submitted an interim report on Exemptions and Correction of Inversion says Finance Minister. GST Council decided on four GoM reports, which were part of the core agenda of this meeting, Sitharaman told reporters. The GST Council meeting has ended. Finance Minister Nirmala Sitharaman to brief media on outcomes shortly. 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.
Source link
Strange India 