In the ongoing meeting of the GST Council, the opposition-ruled states are adamant about changing the revenue sharing rule in GST or increasing the compensation for five years. GST was introduced on July 1, 2017. Under this, there was a provision to give compensation for 5 years in place of losses to the states. This provision expires this month. States have adopted a strict approach to compensation. Apart from this, the rate of GST in cases like a casino, online games, and horse riding will be decided today.
Chhattisgarh Finance Minister Tribhuvan Dev Singh said that the existing rule of sharing the income from GST equally between the Center and the states should be changed. States should be given 70-80% of this. In a letter to Finance Minister Nirmala Sitharaman, he said, we are proposing to continue with the 14 percent protected revenue provision. If this is not continued, the rule of 50-50% for CGST and SGST should be changed to SGST 80-70 and CGST 20-30%.
Tips on crypto too
A committee of officials has suggested withholding decisions on the taxability of cryptocurrencies and other virtual digital assets.
Dinner also discussed
Haryana Government organized a dinner for the members of the GST Council at Pinjore Garden. Various demands were discussed in it.
GST is divided equally
At present, the revenue from GST is shared equally between the Center and the states. The states cited the recent Supreme Court judgment to say that the decisions made by the council are not binding and the states need not stick to them.
The Court's decision has been seen by some states as having the power to determine taxation. All the states made the same demand that the GST compensation should be extended by five years.
Decision on the casino, and online games today
The rate of GST in cases like a casino, online games, and horse riding will be decided today. There has been a demand to impose 28 percent GST on all these.
There has been a demand to bring hotel rooms with rent less than Rs 1,000 per day under 12 percent GST. It is currently out of the purview of GST.
05 percent GST on pre-packaged and labeled rice, wheat flour, and curd
The GST Council in its first-day meeting on Tuesday approved the imposition of 5 percent GST on pre-packaged and labeled rice, wheat flour with curd, and lassi. The report was submitted by the group of finance ministers of the states. It is manufactured by large companies. Currently, 5 percent GST is levied on branded and packaged food items. Unpackaged and unlabeled substances are out of GST.
Issuance of the e-way bill approved
The council approved changes in tax rates on certain goods and services. Also, states have been allowed to issue e-way bills for inter-state movement of gold and precious stones.
Recommendation for biometric verification of at-risk taxpayers and real-time verification of bank accounts has also been approved. Apart from this, a GST of 12 percent will now be levied on hotel rooms renting less than Rs 1,000 per day.
Also Read: Report: By 2030, 2.35 crore people of the country will join gig work for a living, claims NITI Aayog
Twitter Row: Musk is not satisfied even after firing 50 percent of the employees, and may lay off again today
Twitter's new owner Elon Musk is once again considering layoffs. Even after removing 50 percent of Twitter's employees, they are not satisfied. It seems as if they are trying to change the entire
Rahul's speech among Indians in Britain: I can speak here but am not allowed to raise the issue of Chinese intrusion in the Indian Parliament
Congress leader Rahul Gandhi surrounded the Modi government on Sunday by raising the issue of China in Britain. Rahul said that the opposition is not allowed to raise the issue of the intrusion of
Anushka Sharma-Virat Kohli's daughter Vamika got this special gift hamper on her birthday, cute photos went viral
Anushka Sharma and Virat Kohli are one of Bollywood's favorite couples. Fans like their pairing, their mutual understanding, and the way they keep having fun with each other. A few days ago, the
Chandu Champion: Karthik was very excited about his role in 'Chandu Champion', the writer shared his experience
Kartik Aaryan is in the news these days for his film 'Chandu Champion'. He is also getting a lot of appreciation for this film. Directed by Kabir Khan, this film has been written by Sumit Arora. This
Gyanvapi ASI Survey: The survey of ASI in Gyanvapi will be completed in 15 days, the truth of Shivling-like shape will come to the fore!
The ASI team will start with the survey topography on Friday morning on the Gyanvapi campus. In the first phase, a map of the entire campus will be prepared in two to three days. Its geographical
US-China Relations: the US working on a new strategy to beat China, which will accelerate arms sales
The dispute between China and America has increased a lot in the last few years. In such a situation, both the countries are also giving competition with each other in every field. Meanwhile, a report
Kaali Poster Controversy: Mukesh Khanna furious at Leena Manimekalai, said- So much courage! Such filmmakers...
The controversy over the documentary 'Kaali' is not taking its name to stop. Sometimes producer Leena Manimekalai is getting rape threats and sometimes FIRs are being lodged against her from place to
Pakistan Train Hijack: Baloch fighters killed 30 army soldiers, more than 100 hostages released; 10 important points
A train is hijacked in Balochistan, Pakistan and many passengers are taken hostage. This hijacking has been done by Baloch rebels. According to the information received so far, 100 people are still in
High Court notice on selling medicines online: Prescription being made without doctor, life should not end in the greed of discount
Like food and clothes, do you buy medicines online for a discount? If yes, then this news is of your use. The Gujarat High Court has issued notice on a writ petition against the online sale of
Wealthy Women List: Roshni Nadar is the richest woman in the country, Falguni Nair of NYKAA surpasses Kiran Mazumdar Shaw
Fashion brand NYKAA CEO Falguni Nair has surpassed Biocon CEO Kiran Mazumdar Shaw to become the richest self-made woman. Kotak Private Banking has become the second richest woman in the country with
