The GST Council on Wednesday gave a major relief to small traders selling goods online through e-commerce platforms by exempting them from mandatory registration norms. This exemption has been given to small businessmen doing business up to Rs 40 lakh and Rs 20 lakh respectively for goods and services. This is expected to provide relief to 1.20 lakh small sellers. The new rule will come into effect from January 1, 2023.
The 47th meeting of the GST Council has also allowed e-commerce suppliers with annual turnover up to Rs 1.5 crore to opt for the composition scheme. Vidit Attri, founder-CEO of social commerce platform Meesho, said that due to mandatory registration norms, 50 million small sellers are unable to sell goods through online platforms. The decision will help these merchants to sell goods on e-commerce platforms. 60% of small businesses want to sell goods on e-commerce platforms.
The decision is expected to provide relief to 1.20 lakh small businessmen
E-commerce suppliers with annual turnover up to Rs 1.5 crore allowed to opt for a composition scheme
Tax evasion increases at different rates on products
Any hike in GST rates under the rate rationalization initiative is aimed at compensating for inefficiencies in the value chain. In some cases, huge refunds are being given due to waiving of charges, which needs to be rectified. Failures in the taxation system increase when products are taxed at different rates. -Nirmala Sitharaman, Finance Minister
The decision to impose 28% GST on casinos, horse racing, and online gaming postponed
The GST Council has deferred the imposition of a 28 percent tax on casinos, horse racing, online gaming, and lotteries. The Group of Ministers (GoM) has been asked to reconsider the reports of the concerned parties on the evaluation system and submit a report by July 15. The council will meet again in the first week of August to consider the issue.
The Finance Minister said Goa and some other states want to put forward their suggestions regarding GST on casinos. Hence the decision was postponed.
It was suggested to levy GST on the full value of the stake in online gaming and the entire amount bet in horse racing.
Cryptocurrency: no discussion on taxation
No decision could be taken on imposing 28 percent GST on all digital assets (VDAs), including cryptocurrencies. There was no discussion on this issue in the council meeting that lasted for two days. It may be discussed in the next meeting.
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