GST Council can consider more than a dozen changes to bring clarity in tax provisions. The biggest issue in today’s meeting may be regarding the imposition of GST on Online Gaming.
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GST Council Meet Today: Union Finance Minister Nirmala Sitharaman (Finance Minister Nirmala Sitharaman) 48th GST Council meeting on Saturday (48th GST Council Meet) Will preside over virtually. The GST committee may consider more than a dozen changes to bring clarity in tax provisions. GST on online gaming the biggest issue in today’s meeting (GST on Online Gaming) Could be about applying. On which talks have been going on for a long time, but no decision has been taken yet. Let us tell you that at present 18 percent GST is levied on it, which is suggested to be 28 percent.
Online gaming can be a big issue
The GST Council may also decide on other issues, such as decriminalization of offenses under the GST law, and setting up of appellate tribunals and mechanisms to prevent tax evasion in pan masala and gutkha businesses. The council can also discuss online gaming and casinos. With regard to taxation on online gaming, casinos and horse races, the Group of Ministers (GoM) in its last meeting in November had agreed on 28 per cent GST on these segments.
Now 18 percent tax is levied
However, in the absence of consensus on whether the tax should be levied only on the fees charged by the portal or on the entire consideration including the stipend amount received from the participants, the GoM has finally decided to refer all suggestions to the GST Council. Had taken. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fee charged by online gaming portals.
Law committee’s suggestions can be discussed
With regard to decriminalization of offences, the Law Committee of the GST Council, consisting of tax officers from the Center and States, has suggested to the Council to increase the monetary threshold for initiating prosecution for GST offences. The law committee has also suggested that the fee payable by taxpayers for compounding GST offenses should be reduced to 25 per cent of the tax amount from the present 150 per cent to improve trade. It has suggested raising the threshold for initiating prosecution from Rs 5 crore at present to Rs 20 crore. Initiation of prosecution by the tax authorities means initiation of legal proceedings against the offender.
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