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.
The increasing cases of Coronavirus infection in China have troubled the Chinese government as th
Rupee Vs Dollar: Rupee breaks 18 paise, at an all-time low, Rupee crosses 79 against dollar
The rupee continues to depreciate against the dollar. On Wednesday, it weakened by 18 paise to re
In Iran, women have taken to the streets to force the hijab. At the same time, another example of
Shivaji Jayanti: Chhatrapati Shivaji Maharaj's birth anniversary is being celebrated in the count
The National Highways Authority of India (NHAI) is planning to make the Delhi-Meerut Expressway (
Twitter co-founder and former CEO Jack Dorsey claimed that India was 'pressuring' him to close th
The world's richest businessman and Tesla CEO Elon Musk is once again embroiled in controversy. L
Prime Minister Narendra Modi has reached Dubai to participate in the climate conference COP28. Sp
Ambedkar Statue : 125 feet tall statue of Ambedkar in Hyderabad, KCR unveiled
Ambedkar's statue in Hyderabad: Telangana Chief Minister K Chandrasekhar Rao on Friday unveiled a
The outbreak of cold is increasing in North India, while the threat of cyclonic storms and heavy
