The GST Council to Convene on Saturday to Discuss Pending Reform Issues
The 52nd meeting of the GST Council is all set to convene this Saturday at Vigyan Bhawan, New Delhi. While the exact agenda for the meeting has not been disclosed officially, there are several pressing matters that are likely to be discussed and addressed.
Online Gaming Taxation in Focus
One of the key topics expected to take center stage during the meeting is the implementation of alterations related to the taxation of online gaming in the states’ respective SGST (State Goods and Services Tax) laws. These alterations had received approval during the 51st council meeting and are poised to reshape the taxation landscape for this burgeoning industry.
Clarity on Bank and Corporate Guarantees
Another critical issue that awaits resolution is the taxation of bank and corporate guarantees provided by directors and promoters to a company. This matter has been a subject of discussion and debate, and the GST Council is expected to provide much-needed clarity to streamline these processes.
Exemptions for Powdered Millets
In a bid to promote and encourage healthier food choices, the council is likely to contemplate potential exemptions for powdered millets sold. These exemptions, if approved, can have a significant impact on the pricing and accessibility of this nutritious food item.
Revisions in the CGST and IGST Acts
In the previous meeting, the GST Council had proposed revisions in the Central Goods and Services Tax (CGST) Act 2017 and the Integrated Goods and Services Tax (IGST) Act 2017. These revisions were aimed at enhancing the clarity surrounding the taxation of various transactions, including those related to casinos, horse racing, and online gaming.
One notable aspect is the valuation of transactions involving online gaming and actionable claims in casinos, which will now be determined based on the sum paid or owed to the supplier, with amounts used for participating in games or bets from previous winnings excluded.
As the 52nd GST Council meeting unfolds, businesses and individuals alike will eagerly await updates and decisions that can significantly impact taxation and compliance across various sectors. Stay tuned for the latest developments and insights emerging from this crucial gathering.
