The GST council meeting ended in Chandigarh . on Wednesday
The Goods and Services Tax (GST) Council meeting today ended its two-day deliberations, discussing a host of issues such as tariff rationalization, the levy of 28 percent tax on online gaming and horse racing, and the thorny issue of continuing GST compensation to states. .
Let’s look at the most important decisions made during the meeting in 10 points.
Finance Minister Nirmala Sitharaman has asked the Group of Ministers (GoM) on online gaming, casinos and horse racing to reassess the tax rate for these activities and submit a report by July 15.
The GST council will meet again in the first week of August to decide on the issue of taxing these activities, the finance minister told the press after the meeting.
The Group of Ministers (GvM), which is tasked with submitting the report on tariff rationalization, has been given a three-month extension, Ms Sitharaman said.
Finance Minister Nirmala Sitharaman told reporters that the government’s recommendation on exemptions and correction of inversion has been accepted by the Council.
Some states have requested a five-year extension of GST compensation, but no decision has yet been made, Ms Sitharaman said.
Some states had suggested that GST compensation should stop because they need to be self-reliant, the Treasury secretary told media.
The GST council will make a decision on how to clean up excess cess, Ms Sitharaman said.
GST Council decisions on exemptions, correction of inversion will take effect from July 18, said tax secretary Tarun Bajaj.
The Council has not discussed the issue of including petroleum products under GST, Finance Minister Sitharaman said.
There has been no discussion of cryptocurrency assets at the GST Council meeting for the past two days, she further said.
