GST Council Meeting LIVE Updates: Union Finance Minister Nirmala Sitharaman chaired the second day of the two-day meeting of the 47th Goods and Service Tax (GST) Council in Chandigarh on Wednesday. The two-day meeting that began yesterday saw participation by Union Ministers of State for Finance and finance ministers of states and Union Territories as well as senior officials from the Centre and states. Stay with TOI for all latest updates.Read Less
Sitharaman said huge refunds are being given out due to duty inversion in certain cases and that needs to be corrected.
Rate tweaks to make up for inefficiencies in value chain; states conscious of inflation impact: FM
Finance minister Nirmala Sitharaman on Wednesday said any increase in GST rates under the rate rationalisation exercise is intended to make up for the 'inefficiencies' in the value chain. Stating that all states are aware of the potential impact of rate rationalisation on inflation, Sitharaman said any increase in tax rates will also make up for the tax burden, which is being borne by some other activities in that value chain.
Nirmala Sitharaman said finance and other ministers of 16 states spoke on the compensation issue.
GST Council defers tax on casinos, lottery
The GST Council on Wednesday deferred decision on levying a 28 per cent tax on casinos, online gaming, horse racing and lottery pending more consultations with stakeholders, Union finance minister Nirmala Sitharaman said. A group of ministers headed by Meghalaya chief minister Conrad Sangma has been asked to consider submissions of stakeholders again on the valuation mechanism and submit its report by July 15, she told reporters here.
No decision on extending GST compensation to states
The GST Council on Wednesday took no decision on extending beyond this month the compensation paid to states for revenue lost from the implementation of GST. Puducherry finance minister K Lakshminarayanan said all states sought an extension of the compensation mechanism, but no decision has been taken.
Meghalaya CM Conrad Sangma, will submit report on tax on casinos and online gaming on July 15. The report will be discussed by GST Council at its next meeting: Sitharaman
GST Council to meet again in August: FM
Rate rationalisation measures to be taken in 3 months: FM
Online gaming, casinos, betting, horse riding are all taxed at 28%. The GOM was in favour of continuing status quo: FM
'Online gaming, casinos are all part of gambling'
FM of Goa went into detail about why casinos will need greater understanding and different treatment and so on. Whether it is online gaming or casinos-- they are all part of betting and gambling: FM
The 4 reports were on the following topics: Rate rationalisation; betting, gambling, lottery; IT and technology related changes; movement of precious metals like gold: FM
The GST Council considered 4 reports presented by the Group of Ministers (GoMs): Sitharaman
The meeting did justice to the work done by the group of ministers: Sitharaman
Several states have urged the Centre to extend the deadline for compensation beyond June 30, 2022.
The meeting of the GST Council comes after a gap of six months.
The meeting of the GST Council was scheduled to be held in Srinagar was later shifted to Chandigarh.
The two-day meeting that began yesterday saw participation by Union Ministers of State for Finance and finance ministers of states and Union Territories as well as senior officials from the Centre and states.
Sitharaman chaired the second day of the two-day meeting of the 47th GST Council in Chandigarh on Wednesday.
Finance minister Nirmala Sitharaman to hold a briefing on the decisions taken by the 47th GST Council
Decision will help in more crude oil extraction: Thakur