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
Republic Day Parade 2023: Who will be the chief guest this time, and how and where to get the parade ticket; know everything here
The country is going to celebrate its 74th Republic Day this year on January 26, 2023. On this day in 1950, Republic Day is celebrated to commemorate the implementation of the Constitution.
Alert in UP regarding Alvida Jumma, ban on offering Namaaz in public places; DGP gave these instructions to the officers.
On the occasion of Alvida ki Namaaz, strict security arrangements are being ensured in all the districts of Uttar Pradesh. Like previous years, this time also there will be no Namaaz on the road or in
Farmer Protest: Soldiers and farmers face to face... Situation critical at Shambhu border; Know ground report
Farmers Protest Delhi: On Tuesday, soldiers and farmers were once again seen face to face at the Shambhu border. When the police used tear gas shells and water cannons to stop the march to Delhi, the
Iran's President said- foreign enemies are giving poison to schoolgirls, part of the conspiracy
In Iran, a case of poisoning many girls to prevent them from going to school had come to the fore. Iran's President Ebrahim Raisi has blamed enemy countries for this incident. He said that Tehran's
ICC T20I Rankings: Suryakumar Yadav remains at No. 2, Shreyas Iyer takes a long jump
Indian batsman Suryakumar Yadav is ranked second in the latest ICC Men's T20I rankings while Shreyas Iyer has made a big jump to break into the top-20. In the latest ICC T20I rankings released on
PM Modi: PM Modi spoke to the Crown Prince of Saudi Arabia; Discussions were held on these issues including bilateral cooperation
Prime Minister Narendra Modi spoke with Saudi Arabia's Crown Prince Mohammed bin Salman. During the telephone conversation, the leaders reviewed a range of issues of bilateral cooperation. During
Namo Bharat: How different is the country's first rapid rail 'Namo Bharat' from the metro, know what are its specialties.
Prime Minister Narendra Modi on Friday dedicated the country's first rapid rail to the people. He also flagged off the first RapidX train connecting Sahibabad to Duhai depot. The rapid rail has been
Jammu and Kashmir: A massive explosion occurred in a machine kept inside a vehicle in Larkipora, eight workers were injured; in critical condition
There was an explosion in a vehicle on Wednesday in Larkipora of Anantnag in South Kashmir. Eight people have been injured in this. All the injured have been admitted to a nearby hospital for
Ayodhya Ram Mandir: Lord Shri Ram seated in the sanctum sanctorum, the first picture of the idol surfaced
The formal rituals of Ramlalla's life consecration started on Thursday with the worship of Ganesh. Ganesh, Ambika, and Tirtha puja were performed at the auspicious time at 1:20 pm. Earlier at 12:30,
Covishield: Covishield can cause blood clots; Vaccine maker AstraZeneca admitted side effects
Vaccine maker AstraZeneca has admitted for the first time in a British court that its COVID-19 vaccine may cause rare side effects like TTS.
