The GST Council started in Chandigarh on Tuesday. In the two-day meeting, issues such as a change in tax rates of certain items and relaxation in registration rules for small e-commerce suppliers along with compensation to states are likely to be considered.
Two reports will be presented by the Group of Finance Ministers of the states in the 47th meeting of the GST Council to be chaired by Finance Minister Nirmala Sitharaman. In this, the opposition-ruled states will strongly advocate for the continuation of compensation for revenue deficit along with rationalization of rates. At the same time, the central government would like to stop it citing the tight fiscal situation.
The Center had taken a loan of Rs 1.1 lakh crore in 2020-21 and Rs 1.59 lakh crore in 2021-22 to meet the shortfall in the compensation fund of states due to a fall in cess collection. In the 45th council meeting in Lucknow, Sitharaman had said that the system of giving compensation to the states for revenue shortfall will end in June 2022. The proposed tax rates by the officers' committee or fitment committee will also be considered in the meeting to be held in Chandigarh.
Uniform rate on prostheses and orthopedic implants
The GST Council meeting, which is being held after six months, may decide on imposing a uniform 5% GST on artificial limbs and orthopedic implants. The committee has recommended this. Apart from this, it has also been recommended to levy 5% GST on ropeway travel. At present, GST has to be paid on it at the rate of 18 percent.
28% GST on online gaming, casinos, horse racing
In the meeting to be held on June 28-29, 28 percent GST may be considered on online gaming, casinos, and horse racing. Discussion can be taken on the report submitted by the Group of Ministers constituted under the chairmanship of Meghalaya Chief Minister Conrad Sangma. The GoM, in its report, has recommended that all earnings from online gaming should be taxed. It also includes the entry fee paid by the player upon participation in the game. In the case of horse racing, the GoM has suggested that GST be levied on the entire amount deposited for placing bets.
These can also be discussed in the meeting
Five percent tax on e-vehicles: Clarification may be issued on GST rates for e-vehicles. In this, there can be a discussion on imposing 5% GST on e-vehicles equipped with or without batteries.
E-way bill mandatory for gold/precious stones: Council may make e-way bill and e-challan mandatory for inter-state movement of gold/precious stones valued at Rs.2 lakh and above. This arrangement will be for companies having an annual turnover of more than Rs 20 crore.
Relief in registration for small e-commerce suppliers: The GST Council may exempt small businesses from mandatory registration norms for using the e-commerce platform. Additionally, e-commerce suppliers with a turnover of up to Rs 1.5 crore will be allowed to opt for the composition scheme, which offers lower tax rates and simpler compliance.
Sikkim Flood: Chief Minister Prem Singh Tamang visited Singtam; Gave assurance of help, and said- we are with you
Sikkim Chief Minister PS Tamang visited Singtam to assess the widespread damage caused by floods in the Teesta River basin. According to SSDMA, there is a possibility of flooding in the northern part
US: Proposal presented in the American state of Ohio to declare October as Hindu heritage month
An Indian-American MLA has resolved in the Ohio Senate to declare October as a 'Hindu Heritage Month' to recognize the contribution of the community in the US state.
IND vs SA: When India's last six wickets fell at zero, Ravi Shastri made a funny comment, no one could stop laughing.
In the first innings of the second Test against South Africa, the Indian team was all out for 153 runs. Despite a good start, Team India could not score big. At one time India's score was 153 runs for
Narendra Modi: UP's development is happening according to PM Modi's vision and Yogi's mission, inauguration, and foundation stone of 2 highways made of 3300 crores
Defense Minister Rajnath Singh has said that according to the vision of Prime Minister Narendra Modi and the mission of Chief Minister Yogi Adityanath, a new chapter is being written for the
Startups: Investment in startups down 40 percent to $6.8 billion
After raising more than $10 billion in three consecutive quarters, investments in domestic startups declined 40 percent to $6.8 billion during the second April-June quarter of this year. Due to the
CA Toppers May 2023: Akshay CA Final of Ahmedabad and Gokul of Hyderabad are inter toppers, see AIR list
ICAI CA Final, Inter Result May 2023 has been announced on 5th July 2023. The information about the announcement of CA Final Result 2023 and CA Inter Result 2023 was formally given today by The
Wheat Flour Export: After wheat, now the government's strictness on flour export, their approval will have to be taken
After banning wheat exports in May, the government has decided to put in place a new approval framework for outbound shipments of wheat flour. Exporters of wheat flour will now require the approval of
Death toll in Wayanad landslide rises, 152 people still missing; PM Modi will take stock on August 10
The death toll in the devastating landslide that occurred in Kerala's Wayanad after heavy rains in the past few days has risen to 413, while 152 people are still missing. Relief and rescue operations
Tirupati Prasad Controversy: 'Sanatan Dharma Raksha Board' should be formed at the national level, Pawan Kalyan raised an important demand
Amidst the ongoing controversy over Prasad in Tirupati Balaji temple, Andhra Pradesh Deputy CM and Jansena Party chief Pawan Kalyan has raised the demand for the formation of Sanatan Dharma Rakshan
Immediately after the World Cup, 'Mr. Cricket' got angry about the T20I series between India and Australia, saying - the importance of the series is no longer there
Former Australian batsman Michael Hussey has expressed his anger over the busy calendar of cricket. Hussey said that the series has lost its importance due to the five T20 International matches
