The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
GST Council Meet 2023 LIVE Updates: 22% cess on MUVs will increase tax incidence on companies by 2%, says official
GSTcess has been increased from current 20 percentto 22 percentin MUVs that meet the length, engine criteria. This will increase tax incidence on companies by two percent, a governmentofficial pointed out, noting thatthey may decide to pass it to consumers or reduce the margins slightly.
GST Council Meet 2023 LIVE Updates: 28% tax on online games, casinos key highlight of today's meeting; rates lowered on 4 items
Finance Minister Sitharaman's press briefing has concluded. The 28 percent tax on online games and casinos was the key highlight of today's meeting. The Council has also decided to lower the rates on fish soluble paste and LD slag from 18 percent to 5 percent, and on zari thread and yarn from 12 percent to 5 percent.
The Council furtherdecided to exempt GST on the import of the cancer medicine Dinutuximab and Food for Special Medical Purposes (FSMP), which isused in the treatment of rare disorders.
GST Council Meet 2023 LIVE Updates: GST appellate tribunal should start functioning in this fiscal
GST appellate tribunal should start functioning in this fiscal year, Revenue Secretary Sanjay Malhotra said. The tribunals, in the first phase, will be set up mostly in the state capital cities.
GST Council Meet 2023 LIVE Updates: Private bank account details mandatory now for person seeking GST registration
Private bank account details of the person seeking GST registration will now be mandatory, CBIC Chairman Vivek Johri said. The pilot of biometric authentication for GST registration is put on formal footing, he added.
GST Council Meet 2023 LIVE Updates: Rs 17,000 crore tax evasion found In the drive against fake input tax credit
In the drive undertaken by the taxation department against fake input tax credit, a total tax evasion to the tune of Rs 17,000 crore was found, Revenue Secretary Sanjay Malhotra said.
GST Council Meet 2023 LIVE Updates: Tax on food and beverages in cinemal will be 5%
GST Council has clarified that the GST rate on food items and beverages in cinema hallswill befive percent, the revenue secretary said, while speaking to reporters.
GST Council Meet 2023 LIVE Updates: GST appellate tribunals to be set up mostly in state capitals in first phase
GST appellate tribunals in first phase are to be mostly set up in capital cities of states and where high court benches are there, FM Sitharaman said.
GST Council Meet 2023 LIVE Updates: 'Not targeting any industry', says Sitharaman on decision to fix 28% tax on online gaming, casinos
"The GST Council’s intention is not to hurt the online gaming industry or states with casinos. A few states shared their concerns. But there is a moral question: can we encourage them more than essential goods? So I am proud to say that the GST Council discussed and understood the matter deeply and took a decision which had been pending for 2-3 years. The issue is very complex," Finance Minister Sitharaman said.
GST Council Meet 2023 LIVE Updates: Not targeting online gaming industry, FM Sitharaman clarifies
Finance Minister Nirmala Sitharaman said the decisions related to 28 percent GST on online gaming and casinos was not aimed at targeting any particular industry.The decisions were intensive, and was taken after consultation with all the members, including those representating states like Goa and Sikkim where casino forms a key part of the tourism sector, she added.
GST Council Meet 2023 LIVE Updates: Delhi, Punjab FMs raised issue of GSTN's inclusion under PMLA, says Sitharaman
The finance ministers of Delhi and Punjab raised the issue of GSTN's inclusion under the Prevention of Money Laundering Act, Finance Minister Sitharaman said, while responding to a query from Moneycontrol. The officialsexplained to them after they raised their concerns, she added.
Under the recent finance ministrynotification, only ED will share information with GSTN, and not the other way, the revenue secretary further noted at the press conference.
GST Council Meet 2023 LIVE Updates: Presentation made on IT system reforms in Council meet
According to Finance Minister Sitharaman, a presentation was made on IT system reforms during the meeting of the GST Council members held earlier today."GST Council’s discussions today on online gaming were substantive. The Council will ensure it is in touch with IT ministry. We will align with the regulation the ministry brings in," she said.
GST Council Meet 2023 LIVE Updates: Sitharaman on decision to fix 28% GST on online gaming, horse racing, casinos
The GoM recommendations on online gaming were discussed, and the Councilarrived at decision of 28 percent GSTfor online gaming, horse racing, casinos on full face value, Sitharaman said. The amendment to GST law will be made to include online gaming into it, she added.
The finance minister also noted that online gaming will be brought under actionable claim.
GST Council Meet 2023 LIVE Updates: Satellite launch services provided by private organisations exempted from GST
Satellite launch services provided by private organisations have been exempted from Goods and Services Tax (GST), Finance Minister Sitharaman said.
GST Council Meet 2023 LIVE Updates: Council approved 22% cess rate on MUVs but sedan not included
The GST Council has approved 22 percent cess rate on MUVs, but Sedan has not been included in the list, FM Nirmala Sitharaman told reporters.
GST Council Meet 2023 LIVE Updates: Three items have received exemption from GST rates
Three items have received exemption from GST rates, inclunding medicines for rare diseases, Finance Minister Sitharaman said.
GST Council Meet 2023 LIVE Updates: Rates on fish soluble paste, LD slag from 18% to 5%
Rates have been brought down on four items, including fish soluble paste and LD slag from 18 percent to 5 percent, Finance Minister Nirmala Sitharaman said.
GST Council Meet 2023 LIVE Updates: Expert take on online gaming tax
“While the 28 percent rate is detrimental to the online gaming industry, the chargeability on full value is what is going to hurt the gaming companies to an extent it may lead to its extinction. This is completely against the vision of the government to promote online gaming in India. The findings of the Karnataka High Court in Gameskraft with respect to the distinction between a game of skill and a game of chance has not been appreciated. It will need to be seen if the prescribed methodology to tax online gaming will pass the test of constitutionality. In any case this cannot be implemented retrospectively,"Sudipta Bhattacharjee, Partner, Khaitan & Co, said on taxation on online gaming.
GST Council Meet 2023 LIVE Updates: FM Sitharaman's press conference begins
Finance Minister Nirmala Sitharaman is addressingthe press on the decisions taken in the GST Council meeting held today. Stay tuned here for the latest updates.
GST Council Meet 2023 LIVE Updates: Game of skill and game of chance should be differentiated, says Maha GST representative
Game of skill and game of chance should be differentiated, Maharashtra GST Council representative Sudhir Mungantiwar told CNBC TV-18. There was no concept of online gaming in GST purview, he added, while pointing out that28 percentGST will be levied on the total value of online gaming.
GST Council Meet 2023 LIVE Updates: Import of cancer medicine for personal use exempted from GST
The import of cancer medicine Dinutuximab for personal use has been exempted from GST,said West Bengal's MoS FinanceChandrima Bhattacharya, who attended the Council's meeting today. It was not clear yet whetherFood for Special Medical Purposes (FSMP) has also been exempted from tax.
GST Council Meet 2023 LIVE Updates: Tribunal benches to be set up in Maharashtra, West Bengal
In the GST Council meeting, it was decided that seven GST tribunals will be set up in Maharashtra, and two tribunals will be set up in West Bengal.
GST Council Meet 2023 LIVE Updates: 28% GST to be levied on full value of gaming, horse racing, casinos
The GSTCouncil has decided to impose 28% taxrate for online gaming on full face value with no distinction between games of skill and chance, a Maharashtra GST memberreiterated, shortly after this was confirmed West Bengal's MoS Finance Chandrima Bhattacharya.
A 28 percentrate of GST on full face value has also been fixed for casinos andhorse racing by GST Council, the official added.
The 28 percentGST will be applicable on entry free plus winnings on all 3 categories, they further said.
GST Council Meet 2023 LIVE Updates: FM Sitharaman's press briefing likely to start at 7 pm
Finance Minister Nirmala Sitharaman is expected to address the press at 7 pm on the decisions taken by the GST Council.
GST Council Meet 2023 LIVE Updates: Council decides 28% GST on online gaming, horse racing, casinos, says Bengal's MoS Finance
West Bengal's Minister of State for Finance ChandrimaBhattacharyasaid the Council has decided to impose28 percentGST on full face value on online gaming, horse racing andcasinos. The necessary amendments to make this taxation rate to come into effect will be made, she said, while also confirming that Bengal is among the states that raised apprehensions over the notification tobring GSTN under PMLA.
GST Council Meet 2023 LIVE Updates: Why this meeting marks a milestone?
The GST Council meeting held today marked a milestone as it was the 50th meet to be held by the high-level body. "In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism," the office of Nirmala Sitharaman tweeted.
GST Council Meet 2023 LIVE Updates: FM Sitharaman to address press shortly
Finance Minister Nirmala Sitharaman is expected to address the press shortly on the decisions taken in the GST Council meeting held today. Stay tuned here for the latest updates.
GST Council Meet 2023 LIVE Updates: What was on agenda for today's meeting?
The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC.
GST Council Meet 2023 LIVE Updates: Sought extension of GST compensation period by another 5 years, says Punjab FM
Punjab Finance Minister Harpal Singh Cheema said he raised the demand for exenting the GST compensation period by another five years. A number of opposition-ruled states alsodemanded the withdrawal ofnotificationto bring GSTN under PMLA, he confirmed.
GST Council Meet 2023 LIVE Updates: Reduction of tax on apple cartons to 0-5% discussed, says Himachal minister
GST Council discussed reduction of GST rates on apple cartons to 5 percentor nil from current 18 percent, Himachal Pradesh Industry Minister Harshwardhan Chauhan said, adding that it has been decided to send this proposal to the GST fitment committee.
GST Council Meet 2023 LIVE Updates: Council expected to clarify on rates applicable on food, beverages sold in multiplexes
The GST Council is expected to issue a clarification on the tax rates applicable on snacks and beverages sold at multiplex theatres. The Council is also likely to clarify on whether there will be an exemption on the import of cancer drugDinutuximab, as well asthe import of Food for Special Medical Purposes (FSMP).
GST Council Meet 2023 LIVE Updates: GST Council likely to clarify food, beverage supply at cinema attracts 5% GST
The Goods and Services Tax (GST) Council is likely to clarify that the supply of food and beverages at cinemas is taxable at the rate of 5 percent similar to restaurant service, a person familiar with the development said on July 6.
“The cinema like cloud kitchen/ take away is also engaged in service in the form of cooking and preparing of food and thus, should get covered under the definition of restaurant services liable to GST at the rate of 5 percent, the fitment committee has recommended, which will be discussed by the Council,” he said.
GST Council Meet 2023 LIVE Updates: 4 FMs raise issue of bringing GSTN under PMLA, says Delhi GST representative
The finance ministers of at least four states - Delhi, Punjab, West Bengal and Tamil Nadu - haveraised the issue of bringing GSTN under the Prevention of Money Laundering Act (PMLA),CNBC TV-18 reported Delhi GST representative as saying.
GST Council Meet 2023 LIVE Updates: What CBIC chief said on GST rate rationalisation
Any rationalisation of Goods and Services Tax (GST) rates will have to be calibrated or done over a period of time, according to Vivek Johri, Chairman of Central Board of Indirect Taxes and Customs (CBIC). "As your revenue efficiency improves, there will be a greater acceptability on rate rationalisation. Second, it will have to be calibrated. Maybe it cannot all be done in one go," Johri toldMoneycontrolin an interview. Read more
GST Council Meet 2023 LIVE Updates: Taxation of Multi Utility Vehicles likely
- The fitment committee, comprising central and state tax officials, has recommended that all utility vehicles, by whatever name called, would attract a 22 percent cess provided they meet three parameters - length greater than 4 metres, engine capacity greater than 1,500 cc and ground clearance in 'un-laden condition' of more than 170 mm.
GST Council Meet 2023 LIVE Updates: GoM online gaming convenor recommends escrow account for prize money
- For online gaming, there was a broad agreement in the GoM that it should be taxed at 28 percent, while Goa has suggested 18 percent rate.
- The convenor of the GoM and Meghalaya chief minister Conrad Sangma in the report opines that the levy of GST may be only on the GGR in case of casinos, horse racing and online gaming with a special mechanism to carve out an escrow account wherein the prize money for the payouts to the winners, segregated from the platform fee, is pooled for the purpose of easy tax administration.
GST Council Meet 2023 LIVE Updates: Taxation of online gaming, horse racing and casinos likely
- The report of the panel of eight state finance ministers, convened by Meghalaya Chief Minister Conrad Sangma, on taxation of online gaming, horse racing and casinos is also slated to be discussed in the meeting.
- The GoM (group of ministers) had a broad agreement that a 28 percent GST should be levied on all the three supplies, but a consensus eluded on taxability of online games with Goa suggesting that an 18 percent tax should be levied only on platform fees and contribution to prize pool should be tax exempt.
GST Council Meet 2023 LIVE Updates: Direct tax collections at Rs 4.75 lakh crore, up 15.87% so far in FY24
- The Union government has collected Rs 4.75 lakh crore in direct taxes in the first quarter of 2023-24, the Finance Ministry said on July 9.
- As per the ministry, as on July 9, the direct tax collected was 15.87 percent higher compared to the same period last financial year. This collection is 26.05 percent of the total budget estimates of direct taxes for FY 2023-24.
- Refunds amounting to Rs. 42,000 crore have been issued during April 1 to July 9, which are 2.55 percent higher than refunds issued during the same period in the preceding year, the ministry said.
GST Council Meet 2023 LIVE Updates: satellite launch services likely to be exempt from GST
- Satellite launch services by private players are likely to be exempt from GST.
GST Council Meet 2023 LIVE Updates: Taxation of online gaming, utility vehicles on agenda
- In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted.
- "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said.
- The Council is likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.
GST Council Meet 2023 LIVE Updates: FM Sitharaman releases special cover and customised myStamp
- On the occasion of the 50th meeting of the GST Council, Union Finance Minister N Sitharaman releases a Special Cover and customised myStamp.
- The Special Cover and customised myStamp was preseented to the FM by the Chief Post Master General, Delhi Circle, India Post Office.
GST Council Meet 2023 LIVE Updates: Finance Minister N Sitharaman chairs 50th Council Meet in Delhi
- Union Finance Minister N Sitharaman chairs the 50th meeting of the GST Council, in Vigyan Bhawan, New Delhi, today.
- Along with the Union Finance Minister, Union Minister of State for Finance Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and Senior officers from Union Government & States are also attending the meeting.
GST Council Meet 2023 LIVE Updates: GST on Cancer medicine Dinutuximab
- Import of cancer medicine Dinutuximab (Qarziba) by individuals for personal use attract a 12 percent IGST.
- The fitment committee said that the medicine, which costs Rs 36 lakh, should be exempted from GST as patients usually raise money through crowdfunding.
GST Council Meet 2023 LIVE Updates: What are the reforms so far?
- Over the years, the government has undertaken simplification measures and some reforms.
- The introduction of the simplified composition scheme, threshold limits, and quarterly return filings for small businesses are examples of such efforts.
GST Council Meet 2023 LIVE Updates: Reasons for excess input tax credit
- The Law Committee, comprising tax officers from Centre and states, have said that where the ITC availed in GSTR-3B return exceeds the amount of ITC available in accordance with the auto-generated statement GSTR-2B by a specified threshold, the registered person may be intimated on the portal about such difference and be directed to either explain the difference or pay the excess ITC along with interest.
GST Council Meet 2023 LIVE Updates: Public health groups urge GST Council to raise compensation cess on tobacco products
- Public health groups along with doctors and economists have urged the Goods and Services Tax Council to increase compensation cess on all tobacco products in order to generate additional revenue for the government.
- They argued that such as a step of higher taxation will also motivate millions of tobacco users to quit and prevent youngsters from initiating tobacco use. According to them, tax revenue from tobacco could significantly contribute to the increased need for resources and augmenting the health infrastructure.
GST Council Meet 2023 LIVE Updates: TCS liability of suppliers on ONDC
- Among other things, the Council is also likely to decide on TCS liability of suppliers engaged in e-commerce trading through government's Open Network for Digital Commerce.
