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
Heath Streak: The news of the death of the former Zimbabwe captain is false, confirmed by Henry Olanga
The news of the death of Zimbabwe's great cricketer Heath Streak turned out to be a rumor when Henry Olanga dismissed it. Earlier, Henry had confirmed the news of his death by tweeting. Now again by
CBSE Registration For 9th and 11th: The registration process for 9th and 11th students will start on July 1, school administration will be responsible for wrong information
On behalf of the Central Board of Secondary Education, the online registration process for class IX and XI for class X-XII is being started on July 1. Schools have to fill in the details of the
Nirmala Sithraman : Shehnai rang at Finance Minister Nirmala Sitharaman's house; daughter parkala married with pratik
Union Finance Minister Nirmala Sitharaman's daughter has tied the knot. Union minister's daughter Parakala Wangmayi tied the knot with Prateek of Gujarat in a simple ceremony held at his Bengaluru
Retail Inflation Data: There is no relief from inflation, retail inflation increased to 7.41 percent in September
Retail Inflation Data: There has been a jump in retail inflation for the second consecutive month. In September, the retail inflation rate increased to 7.41 percent. Retail inflation stood at 7
Rahul Gandhi: From Chinese infiltration in India to Pakistan and American offer of intervention, Rahul fiercely cornered PM Modi
Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi is on a US tour these days. He gave an interview in Washington DC on Tuesday. During this, he fiercely attacked the BJP-RSS. He also
PM Modi will visit France today will attend the AI summit; Rafale deal may be discussed
Prime Minister Narendra Modi will be on a three-day visit to France from Monday at the invitation of French President Emmanuel Macron. He will co-chair the Artificial Intelligence (AI) Action Summit
Relief to the Biden Administration: $ 1.7 trillion package agreed with the opposition; Ukraine will benefit with industry-defense
In the US Parliament, a $ 1.7 trillion package has been agreed upon between President Joe Biden's Democrat Party and the opposition Republican Party. This fund can be used till September 2023. This
RG Kar Case: CBI gets important evidence during the day-long raid! Will the noose tighten on the former principal of RG Kar?
The investigation into the rape and murder of a female doctor in West Bengal has intensified. In this case, the management of RG Kar Medical College and Hospital has also been accused of corruption.
'Leave aside 2024, Modi will become PM in 2029 also' Rajnath Singh's blunt reply to Arvind Kejriwal's claim
Lok Sabha Election 2024. A few days ago, Delhi CM Arvind Kejriwal commented on the retirement of PM Narendra. He had said that after one year Narendra Modi will resign from the post of Prime
Independence Day: Atishi will not be able to hoist the flag in Delhi on 15th August, only this name has been approved
Minister Atishi will not be able to hoist the flag on 15 August in Delhi. The General Administration Department has not permitted Atishi to hoist the flag. Gopal Rai had sent a letter on the
