Monday, May 27, 2024

These big decisions may be taken in the next GST Council meeting on 7 Oct

The GST Council’s next meeting, which will be its 52nd, will take place soon. In this meeting, the finance minister can make a lot of important choices. The GST that will be imposed on online gaming enterprises may be discussed at this conference. Let us inform you that the meeting will take place this time on October 7 (October 7, 2023). The implementation of a 28 percent GST on gambling may be discussed at this conference. However, starting on October 1, all states must impose a 28 percent GST. After six months, the GST Council will reevaluate the GST rates for online gaming.

GST

Vigyan Bhavan will be the venue of the meeting

The GST Council noted on ‘X’ that the 52nd meeting of the Council will be held on October 7, 2023, at Vigyan Bhawan, New Delhi. The most recent meeting was on August 2. The  Council’s most recent gathering presided over by the Union Finance Minister, took place on August 2. Amendments to the Goods & Service Tax statute were agreed at this meeting in order to clarify the taxes of gambling establishments, horse racing, and online gaming. State ministers are also represented on the council.

GST

The decision to introduce a GST of 28% was made.

It was voted at the most recent meeting to apply a 28 percent Goods & Service Tax on the total face value of wagers made in casinos, on horses, and through online gaming.

GST

Millet may be subject to a 5% GST.

The administration may also address the tax on coarse grains at this meeting, according to information obtained from sources. Along with this, millet-packaged products may be subject to a 5 percent Goods & Service Tax. In addition, there are reports that the GoM may be reconstituted in order to rationalize rates.

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