New Delhi: The Finance Ministry will convene GST Council Meeting on June 22. Union Finance Minister Nirmala Sitharaman will be chairing the session. This GST Council Council meeting was last conducted on October 7, 2023. During that meeting, the GST Council decided to impose a 28 per cent tax on online gaming, casinos, and horse racing. Subsequently, in the March meeting, the council deferred the review of this levy on online gaming proceeds.
While the meeting’s agenda remains not know yet, state ministers are expected to present their requests on granting amnesty to resolve tax disputes, Online Gaming Chemicals and Fertilisers and Inclusion of Fuel under GST.
Will Petrol-Diesel become cheaper?
There have been proposals to consider bringing petroleum products under GST to establish a uniform pricing structure for essential energy resources. It is expected that integrating petrol into GST could lead to significant price reductions. Petroleum products are taxed via central excise duties and state-level VAT, contributing to varying retail prices across states. However, some states have opposed this, citing concerns about potential revenue losses from current fuel taxes.
Will GST Council provide Amnesty relief?
Businesses are calling upon the GST Council to prioritize a scheme aimed at granting amnesty to resolve tax disputes stemming from the implementation of the Goods and Services Tax (GST). The delay in implementing such a scheme has led to a buildup of pending litigation cases.
GST on Chemicals, Fertilisers
The Council may discuss recommendations from the Standing Committee on Chemicals and Fertilisers to reduce GST on nutrients and raw materials, aimed at benefitting fertiliser manufacturers and farmers. Currently, fertilisers are taxed at 5 per cent, while raw materials like Sulphuric Acid and Ammonia face an 18 per cent GST rate.
GST Online Gaming up for review
Government is likely to review the 28 per cent GST on the entire betting value by online gaming firms. Last year, the GST laws were amended to include online gaming, casinos, and horse racing as taxable actionable claims, with a commitment to reassess after six months.
As per a report by Business Today, GST Council has two possible courses of action: refrain from making adjustments while the matter is in court, awaiting judicial guidance, or promptly address concerns by discontinuing retroactive enforcement of the 28 per cent GST.
GST Council Meeting Agenda: While the meeting’s agenda remains undisclosed, state ministers are expected to present their requests on granting amnesty to resolve tax disputes, Online Gaming Chemicals and Fertilisers and Inclusion of Fuel under GST. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
