- 29 Jun 2022 07:13 PM
- New
GST Council Meeting: No decision on extending compensation to states
The 47th GST council meeting ended today and the Council could not take a decision on the contentious issues of extension of GST compensation mechanism for states. Puducherry finance minister K Lakshminarayanan told PTI that said all states sought an extension of the compensation mechanism, but no decision has been taken.
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- 29 Jun 2022 07:17 PM
- New
GST Council meet: What Sitharaman said on rate rationalisation, GST compensation, tax on casinos, online gaming
From policymakers to common man, everyone is waiting eagerly for the outcome of the 47th Goods and Service Tax (GST) Council meeting. Union Finance minister Nirmala Sitharaman announced the outcome of the 47th GST meeting on Wednesday.
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- 29 Jun 2022 07:29 PM
- New
GST Council meet: Compensation issue, tax on online gaming, tax exemption list top on agenda today
The GST Council, headed by Union finance minister Nirmala Sitharaman and comprising representatives of all states and UTs, is meeting after a gap of six months. This will take up 25 major issues, including discussion on reports by three groups of ministers, series of clarification, some relief majors for small online suppliers.
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- 29 Jun 2022 07:35 PM
GST exemptions on some items set to be removed
These items are currently exempt from GST. The council also accepted the recommendations of another ministerial panel on stricter scrutiny and verification of high-risk taxpayers. These decisions were taken on the first day of the two-day GST Council meeting being held in Chandigarh.
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- 29 Jun 2022 07:41 PM
Will the levy of GST be the last nail in the coffin for cryptocurrencies in India?
Under the GST law, ‘goods’ inter alia means every kind of movable property other than ‘money’ and ‘securities’.
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- 29 Jun 2022 07:48 PM
GST council meeting to decide on Online gaming compensation today
The group of ministers on online gaming casinos, headed by Meghalaya Chief Minister Conrad Sangma had submitted a report to the council, recommending the highest 28% tax on these activities. Sources said that the council is likely to accept the report.
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- 29 Jun 2022 07:53 PM
GST council gives relief to transport sector, small online businesses
The council has also waived the compulsory registration norms for small businesses with annual turnover up to Rs 40 lakh and Rs 20 lakh for goods and services respectively, using e-commerce platforms to sell products and allowing them to opt for composite scheme, benefitting about 1.2 lakhs small taxpayers.
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- 29 Jun 2022 08:03 PM
No decision on extending GST compensation to states
When a nationwide Goods and Services Tax (GST) subsumed 17 central and state levies from July 1, 2017, it was decided that states will be compensated for any loss of revenue from the new tax for five years. With two years being lost in the pandemic, states have sought an extension of this compensation mechanism.
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- 29 Jun 2022 08:11 PM
Online gaming may become expensive: 47th GST Council Meet
Source: https://taxguru.in/goods-and-service-tax/online-gaming-expensive-47th-gst-council-meet.html
Tax on online gaming is charged on GGR/comission received. However it has been proposed by GoM that the same shall be taxed on full contest amount.
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- 29 Jun 2022 08:15 PM
Recommendations of 47th GST Council Meeting
Source: https://taxguru.in/goods-and-service-tax/recommendations-47th-gst-council-meeting.html
GoM on Casino, Race Course and Online Gaming to re-examine the issues based on further inputs from States and submit its report within a short duration
GoM to be constituted to address various concerns raised by the States on GST Appellate Tribunal and amendments in CGST Act