- 29 Jun 2022 07:35 PM
- New
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
- New
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
- New
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
- 27 Jun 2022 05:22 PM
28% GST likely on casinos, online gaming, horse races on gross revenue: Report
The all-powerful GST Council at its meeting in Chandigarh this week is expected to vet a proposal of the panel of state finance ministers on levying 28% goods and services tax (GST) on online gaming, casinos and horse racing.
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- 27 Jun 2022 05:27 PM
RBI needs to do more to tackle inflation: Tamil Nadu FM
With expectations running high over the GST council meeting scheduled for next week, Tamil Nadu finance minister Palanivel Thiagarajan said that the state has built a financial cushion to fall on even if the Centre decides against the continuation of compensation for revenue loss.
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- 27 Jun 2022 05:35 PM
The week ahead, in charts: plastic ban, GST council meet
Every Monday, Mint’s Plain Facts section features key data releases and events to look for in the coming week. The Goods and Services Tax (GST) Council meets this week. Wimbledon is set to start. India is set to ban single-use plastic on 1 July. The June update for Purchasing Managers’ Index (PMI) for manufacturing is awaited. The US and the UK will release gross domestic product (GDP) data amid fears of a slowdown.
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