The Goods and Services Tax (GST) Council, in the upcoming 48th meeting, would consider two reports. One on setting up Appellate Tribunals and the other on decriminalising offences. The Union Finance Minister Nirmala Sitharaman will chair the virtual Council meeting on 17th December 2022.
Sources say that
The GoM is in favour of levying a 28% GST on online gaming, casinos and horse racing. However, there is no consensus among GoM on whether to charge tax only on the fees or the total consideration.
Also, a few states are planning to request to extend the GST compensation period ended recently in June 2022, in this Council meeting. We must wait till 17th December 2022 to get an update on all these issues.
For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@clear.in
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.
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