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.
Gabbar Singh tax now household destruction tax: Rahul
Congress leader Rahul Gandhi on Wednesday hit out at the government for already increasing the tax on packaged food items and hotel stays. He alleged that the Prime Minister's 'Gabbar Singh Tax' is now taking the form of 'Grihasthi Sarvanash Kar' (Domestic Destruction Tax). He said in the tweet, "Income is decreasing with the rise in inflation. Employment has declined. In such a situation, increasing the rate of GST on essential goods is not justified.
'This is an insult to the martyrs of Galwan', BJP furious after Sam Pitroda's statement on China.
Indian Overseas Congress chief Sam Pitroda has stated the LAC border dispute. BJP has now surrounded him over this. BJP MP Sudhanshu Trivedi said, Sam Pitroda's statement is against India's
116 killed in earthquake in China: When high-rise buildings became piles of debris due to 6.1 magnitude tremors, see
Earthquake Today in China: So far 116 people have been confirmed dead in the earthquake that occurred in China late Monday night. At the same time, more than 400 have been injured. This earthquake of
Electronic Gadgets are changing the world, know how humans are benefiting from them
Electronic Gadgets: As technology developed, the number of electronic gadgets kept on increasing. It is true that due to electronic gadgets, a new revolution has emerged in the world. In today's time,
Weather Update Today: Alert of heavy rain in these 20 districts of UP, know how the weather will be in other states today
The tentative date for the end of the monsoon season has arrived. Meanwhile, torrential rains are continuing in many states. From UP in the north to Kerala in the south, there are situations like
Artemis-1 mission overview: This launch is very special in terms of sending a manned mission to the moon again
NASA is about to launch the Artemis 1 mission today through its powerful Orion spacecraft. All the preparations for this launch have been completed. It will be launched from Launch Pad 39B at Kennedy
World Cup 2023 Final: India won despite the defeat! Kohli-Shami created history; Kangaroo players were left behind in this matter
World Cup 2023 Final: It is said that only what is written in destiny remains together. Something similar was seen in the final of the World Cup 2023, which not only broke the hearts of 130 crore
PBKS vs RCB: Got lifeline at '0', then bowlers were blown away; Rajat Patidar celebration in Dharamshala
In the match being played against Punjab Kings, Rajat Patidar's bat thundered from RCB in Dharamshala. Rajat Patidar got a lease of life on a personal score of 0 runs, of which he took full
Sudha Murty: Sudha Murty took blessings from Javed Akhtar by touching his feet, people are praising her on social media.
Famous writer and social worker Sudha Murthy recently won everyone's hearts with her modesty and simplicity at the Jaipur Literature Festival (JLF). A video of her is becoming increasingly viral on
Illegal entry of migrants increased in the US: The number of Indians in the case of illegal entry increased by 25%, the gang who made this happen exposed
So far 51 bodies have been found inside the truck that came from Mexico to Texas, USA. These people were brought illegally by stuffing them in trucks. Due to this horrific incident, the issue of
Rain In Delhi-Ncr: Torrential rains in Delhi-NCR, only water on the roads, all schools closed in Noida-Greno
It is raining heavily in Delhi-NCR. Due to the rain, there has been waterlogging in many places. People have got relief from the rain. However, people are facing a lot of problems due to the rain in
