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GST Council meet: GST Council meeting from tomorrow, states are expected to resolve the issue of compensation

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GST

The two-day meeting of the GST Council is starting in Chandigarh on Tuesday. Earlier, Karnataka Chief Minister Basavaraj Bommai expressed confidence that the issue of compensation to the states would be resolved in the 47th meeting of the GST Council.

Before leaving for Chandigarh, Bommai told reporters, “We have had detailed discussions on the issue of GST compensation in the past as well. The final decision on this will be taken by the GST Council. I am sure a decision will be taken on this.”

It is believed that the council may change the rates of some products. Apart from this, the tax rates on 215 products may be kept unchanged by the Council as per the recommendations of the Committee of Officers. The GST Council, headed by Finance Minister Nirmala Sitharaman, comprises representatives from all states.

The council meeting is being held after about six months. Apart from harmonizing the rates, the issue of compensation payment can be discussed seriously in the meeting. The opposition-ruled states are strongly advocating for continuation of compensation beyond five years. Its five-year term ends in June.

The hobby of playing online games can be expensive

If you also have a hobby of playing online games or horse racing and investing money in casinos, then this hobby can also be hit by inflation. The GST Council can take a big decision on this on Wednesday. The proposal to impose 28 percent GST on online gaming, casinos and horse racing is likely to be discussed in the meeting of the GST Council, the apex body of GST, to be held this week.

Will GST increase on horse races and casinos too?

Apart from gaming, if you have a passion for horse racing and investing money in casinos, it can also be expensive. In the case of horse racing, the GoM has suggested that GST be levied on the entire amount deposited for placing bets. Regarding casinos, the GOM has stated that the full face value of chips/coins purchased by a player from the casino will be taxed. Along with this, the GoM has also recommended the imposition of 28 percent GST on the entry fee in casinos.

At present, they attract 18 percent GST.

In May last year, the government had constituted a committee of ministers to evaluate GST on casinos, online gaming portals and horse racing. Presently, services of casino, horse racing and online gaming attract GST at the rate of 18 per cent. AMRG & Associates senior partner Rajat Mohan said the 28 per cent tax on online gaming, horse racing and casinos would bring these services on par with pan masala, tobacco and alcohol, which are considered bad.

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