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.
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