Next GST Council Meeting Scheduled: What to Expect

Next GST Council Meeting Scheduled: What to Expect

by
Rate this post

The GST Council, chaired by Finance Minister Nirmala Sitharaman, is set to meet on June 22, 2024, to review the contentious decision to levy a 28% GST on the full value of bets for online gaming companies. This will be the first council meeting after an eight-month hiatus and the recent Lok Sabha elections.

 

Background




The 28% GST on the full value of bets for online gaming, casinos, and horse racing was implemented on October 1, 2023. This decision was made during the GST Council meetings in July and August of last year, where it was agreed that a review would be conducted after six months. The upcoming meeting on June 22 will serve this purpose.

Meeting Details

  • Date: June 22, 2024
  • Location: New Delhi
  • Chair: Finance Minister Nirmala Sitharaman

Key Issues on the Agenda

  1. Review of 28% GST on Online Gaming The council will assess the impact of the 28% GST on online gaming, which has been a point of contention within the industry. The review is expected to consider feedback from stakeholders and the financial implications of this tax rate.
  2. Rate Rationalisation Another significant issue on the agenda is the rate rationalisation process. The panel, headed by Uttar Pradesh Finance Minister Suresh Kumar Khanna, was tasked with suggesting necessary adjustments to the GST rate structure to correct the inverted duty structure and simplify the rate system.

Past and Present Developments

  • Formation of the GoM: The Group of Ministers (GoM) on rate rationalisation was established in September 2021. The GoM submitted an interim report in June 2022, proposing changes to tax rates for certain goods and services.
  • Recent Changes: Amendments to include online gaming, casinos, and horse racing as taxable actionable claims were approved last year, with a 28% tax on the full bet value.

 

Expectations from the Meeting

The June 22 meeting is anticipated to not only review the 28% GST on online gaming but also push forward the rate rationalisation process. The GST Council’s decisions will be crucial in shaping the future tax landscape and addressing industry concerns.

For more updates and detailed coverage of the GST Council’s decisions, stay tuned to our platform.

 

Source link

Visit www.cagurujiclasses.com for practical courses




Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Post Views: 833
Share:
Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

...

Leave a Comment

© Copyright 2024 By CA Guruji
Privacy Policy Terms and Conditions