The GST Council to Convene on Saturday to Discuss Pending Reform Issues
The 52nd meeting of the GST Council is scheduled to take place on Saturday at Vigyan Bhawan, New Delhi. The exact agenda for the meeting has not been disclosed yet.
According to media reports, one of the topics expected to be discussed in the meeting is the implementation of alterations related to the taxation of online gaming in the states’ respective SGST laws. These alterations were approved during the 51st council meeting.
The council is also expected to provide clarity on the taxation of bank and corporate guarantees furnished by directors and promoters to a company. Additionally, potential exemptions for powdered millets sold will be contemplated.
In the previous meeting, the GST Council proposed revisions in the CGST Act 2017 and IGST Act 2017. These revisions aimed at offering better understanding regarding the taxation of transactions related to casinos, horse racing, and online gaming.
The valuation of transactions involving online gaming and actionable claims in casinos will be based on the sum paid or owed to the supplier, excluding the amounts used for participating in games or bets from previous winnings.
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Updated: 07 Oct 2023, 06:57 AM IST
News Summary:
- The 52nd meeting of the GST Council is scheduled to take place on Saturday at Vigyan Bhawan, New Delhi.
- The council will discuss the implementation of alterations related to the taxation of online gaming in the states’ respective SGST laws.
- Clarity on the taxation of bank and corporate guarantees furnished by directors and promoters will be provided.
- Potential exemptions for powdered millets sold will be contemplated.
- The valuation of transactions involving online gaming and actionable claims in casinos will be based on the sum paid or owed to the supplier, excluding amounts used for participating in games or bets from previous winnings.
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