Goods and Services Tax (GST) Council will happen virtually on 17th December 2022 after a gap of six months. It is expected that the Council will discuss two key reports: the taxation of online gaming, casinos and horse racing. The other is on setting up the GST Appellate Tribunal.
- The Group of Ministers (GoM) on setting up the Appellate convened by the Haryana Deputy Chief Minister is ready with its final report.
- Also, the other GoM on taxation of online gaming, casinos and horse racing is expected to submit its report over the next few days.
- The panel agreed on charging 28% GST on these activities; however, there are differences on whether GST should be charged only on the fees collected or the entire amount under consideration. The Council might decide in this regard after detailed discussions.
- The Council may also review the panel report on decriminalising certain offences under the GST Act.
- The Council must discuss the role of the Competition Commission of India as the anti-profiteering authority under GST to reduce ambiguity in the industry.
- The Council may also discuss the apportionment of taxes between the Centre and the state.
The agenda of the 48th Council meeting is expected to be finalised soon. Still, the meeting holds significance as it comes just ahead of the Union Budget 2023-24. Also, the State Finance Ministers held a pre-Budget meeting with the Union Finance Minister, deliberating on several issues, including extending the GST compensation period.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.