Union Finance Minister Nirmala Sitharaman will chair the 51st GST Council meeting via video conference, addressing critical issues related to the Goods and Services Tax (GST) regime on August 2.
The meeting will be attended by Pankaj Chaudhary, the Union Minister of State for Finance along with Finance Ministers of States and UTs (with Legislature) in the presence of senior officials from Union Government and States.
The objective of the meeting is to come up with a framework for online gaming and work out the taxation formula.
The council will be meeting in less than a month's time after the 50th meeting of the Goods and Services Tax Council took place on July 11.
51st GST Council Meeting: Date & Time
The virtual meeting is scheduled to take place on August 2 at 4:00 PM IST.
How To Watch the Press Conference of the 51st GST Council Meeting Live
Watch: FM Nirmala Sitharaman's Address After 51st GST Council Meet
The scheduled press conference has now begun.
The Finance Ministry shared some visuals of the GST meeting which was chaired by Nirmala Sitharaman. The 51st meeting of the GST Council, via video conferencing, was held in New Delhi today.
#WATCH | Delhi | The 51st GST Council Meeting being held through video-conferencing, under the leadership of Union Finance Minister Nirmala Sitharaman. pic.twitter.com/J92Cvg7zso
August 2, 2023Union Finance Minister Smt. @nsitharaman chairs the 51st meeting of the GST Council, via video conferencing, in New Delhi, today.
August 2, 2023
Along with the Union Finance Minister, Union Minister of State for Finance Shri @mppchaudhary, besides Finance Ministers of States & UTs (with… pic.twitter.com/RrnfH4vrARFinance Minister Nirmala Sitharaman will soon announce the decisions of the GST Council Meeting about 28% GST on Online Gaming via a press conference at 6.15 PM on August 2.
You can watch the press conference live on BQ Prime's YouTube channel, live streaming will begin a few minutes before the press conference,
51st GST Council Meeting Agenda
The GST Council, in its meeting on Wednesday, is likely to finalise the modalities for the determination of supply value in online gaming and casinos for levying 28% tax.
The previous GST Council meeting had decided on a uniform 28% tax rate on the full face value of bets in these sectors.
However, this decision has prompted a strong response from major online gaming companies and their CEOs, who have raised concerns about the potential negative impact on the growing startup ecosystem.
There has been media speculation that the council is likely to table a discussion on the mechanism of levying 28% GST on online gaming, horse racing, and casinos.
The council also aimed to make an amendment to add 'online gaming' to Schedule 3, Entry 6 of the GST law and place it at par with betting, lottery and gambling, which are considered as actionable claims that are subject to GST levy.
On July 21, Indian and foreign Investors of the Indian Online Skill Gaming Industry jointly wrote to Prime Minister Narendra Modi, outlining their worries and seeking a meeting to discuss the issue.
The letter, viewed by BQ Prime, highlighted the impact that the tax levy could have and the message that such a policy would convey on the ease of doing business in India.
Ahead of the GST Council meeting, Delhi Finance Minister Atishi on Wednesday sought reconsideration of the decision to levy 28 per cent tax on online gaming. She had voiced her apprehensions about the 28% tax rate on online gaming and sought reconsideration of the decision.
Thanks for flagging the problems with this decision @Ashneer_Grover.
August 2, 2023
Today the @GST_Council will be meeting again, and I will be asking them to reconsider the decision to impose 28% GST on Online Gaming.
Delhi Govt is clear that promoting start ups is the only way our economy… https://t.co/FlngZlfXdLHighlights of the 50th GST Council Meeting
Council Agreed To Levy 28% Tax On Online Gaming, Horse Racing, Casinos.
Council Agreed To Reduce GST On Food And Beverages At Cinema Halls.
GST Council Approved Rate Reduction On 4 Items.
Cancer Treatment Drugs, Special Medicines Exempted From GST.
GST Revenue Collection For July 2023
In July 2023, India's GST collection hit ₹1,65,105 crore, marking an 11% YoY growth and crossing the ₹1.6 lakh crore mark for the fifth time.
Domestic transaction revenues, including service imports, rose by 15% compared to last year. CGST and SGST collections reached ₹29,773 crore and ₹37,623 crore, respectively.
The government distributed ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST, resulting in a total revenue of ₹69,558 crore for CGST and ₹70,811 crore for SGST.
This achievement highlights the steady growth of the GST system in driving economic progress.
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