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The 47th Goods and Services Tax (GST) council meeting 2022 is scheduled for today, 28 June and 29 June in Chandigarh. During the two-day meeting starting today, the council is slated to discuss an array of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers.

47th GST Council meeting: What to expect

GST rate rationalisation

GST-council nominated Fitment Comittee has recommended to rationalise GST rates of a few items. An interim report of a group of ministers on rate rationalisation is likely to suggest correcting the inverted duty structure and removing some items from exempted list, would also be taken up for consideration

GST on online gaming, casinos

GST Council chaired by the Union Finance Minister and comprising state counterparts, will also clear levying the highest tax of 28 per cent on online games, casinos and horse racing, besides, discussing a report of a GoM on high-risk taxpayers under GST to curb evasion.

E-way bill mandatory for intra-state movement of gold/ precious stones

The GST Council would also consider a report of the panel of state ministers on making e-way bill mandatory for intra-state movement of gold/ precious stones worth 2 lakh and above and e-invoicing mandatory for all taxpayers supplying gold/precious stones and having annual aggregate turnover above 20 crore.

Cryptocurrency and other virtual digital assets

The officers' committee has also suggested defering a decision on taxability of cryptocurrency and other virtual digital assets, pending a law on regulation of cryptocurrency and classification on whether it is goods or services.

Relaxation of compulsory registration norms for small businesses

The Council is also likely to relax compulsory registration norms for small businesses with annual turnover up to 40 lakh and 20 lakh for goods and services respectively, using e-commerce platforms to sell products.

Currently, suppliers supplying through e-commerce are required to take compulsory Goods and Services Tax (GST) registration.

Composition scheme

Also, businesses with a turnover of up to 1.5 crore and making e-commerce supplies would be allowed to opt for the composition scheme, which offers a lower rate of tax and simpler compliance.

Currently, businesses supplying through e-commerce cannot avail the composition scheme. The changes would bring in parity between entities who are doing businesses through either online and offline mode under GST.

GST was introduced from July 1, 2017, and states were assured of compensation for the revenue loss, till June 2022, arising on account of GST roll out.

 

 

 

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