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.
President Draupadi Murmu is coming to Maha Kumbh today and will take a holy dip in Sangam... CM Yogi will also be present.
On Monday, February 10, the first citizen of the country, President Draupadi Murmu will set foot on the holy land of Tirtharaj and will witness its grandeur and divinity. The President will take a
IPL 2023: Who will be Washington Sundar's replacement? These 3 players can become troublemakers for SRH
The performance of Sunrisers Hyderabad in IPL 2023 is not going well. The team faced a total loss of five matches out of seven and won 2 matches. At present, Hyderabad is in the 9th position in the
Rahul Gandhi: 'This is not in Rahul Gandhi's control', Union Minister said - he has a hatred for PM Modi in his mind
Union Minister Kiren Rijiju has made a scathing attack on Congress leader Rahul Gandhi. He said that an unsuccessful attempt is being made to re-launch Rahul Gandhi in politics through Bharat Jodo
India-Maldives Row: 'No need to go out...go to Lakshadweep', many celebrities including Akshay Kumar, Tendulkar appealed
Amid the ongoing controversy over the derogatory comments made by Maldivian ministers on Prime Minister Narendra Modi after his visit to Lakshadweep, prominent personalities including cine star Salman
Jawan: SRK's 'Jawan' was released in the Handwara Cinema hall of Kashmir, a crowd gathered in the theater to see Shahrukh.
Shahrukh Khan's film Jawan is shaking the box office system these days. The film is earning tremendously and the actor's fans are giving tremendous love to the film. After Pathan, after showing his
Indigo: When the pilot announced a delay in the flight, passengers attacked him, the video went viral, investigation instituted
The process of flight delays continues due to bad weather. Meanwhile, a passenger became so angry over the delay in taking off from a plane in Delhi that he attacked the captain of the flight. A video
IND vs PAK: No need to panic! Babar Azam revealed his strategy; this thing will be handy for Rohit 'Brigade'
In the game of cricket, fans just wait for the day when the teams of India and Pakistan (India Vs Pakistan) are on the field and a high-voltage match is seen between the two. The craze of the
AICC President Election: Civil war in Congress for telling Rahul to Ram, Laxman said – Chamchagiri records broken
The counting of votes for the post of National President of All India Congress will take place today. Even before this, a civil war started in the Congress for calling Rahul Shri Ram. Former Chief
Acharya Satyendra Das: Chief priest of Shri Ram temple Satyendra Das passed away, body left for Ayodhya.
Acharya Satyendra Das, the chief priest of Shri Ram Janmabhoomi temple in Ayodhya, died on Wednesday at SGPGI in Lucknow. The hospital has confirmed this. He was admitted to SGPGI on February 3. He
Pathaan: Shahrukh Khan will promote 'Pathaan' in 'Bigg Boss 16'? Will be seen having fun with Salman
Shahrukh Khan and Deepika Padukone's film 'Pathan' is all set to hit the theaters on January 25. Ever since its first song 'Besharam Rang', 'Pathan', which came into controversies, has been in the
