GST Rates, Compensation, Top Takeaways From Council Meeting: 10 Points

29 Jun 2022, 05:36 PM IST

The GST Council meeting ended its deliberations in Chandigarh on Wednesday

Finance Minister Nirmala Sitharaman has asked the Group of Ministers (GoM) on online gaming, casinos and horse racing to re-deliberate the tax rate on these activities and submit a report by July 15.
The GST Council will meet again in the first week of August to decide on the issue of taxing these activities, the Finance Minister told media persons after the meeting.
The Group of Ministers (GoM), which is tasked to submit the report on rate rationalisation, has been given an extension of three more months, Ms Sitharaman said.
Finance Minister Nirmala Sitharaman told reporters that the GoM's recommendation on exemptions and correction of inversion has been accepted by the Council.
It was requested by some states that GST compensation should be extended by five years, however no decision has been taken yet on this, said Ms Sitharaman.
Some states had suggested that GST compensation should end as they need to be self-reliant, the Finance Minister told media persons.
GST Council will take a decision on excess cess mop up, said Ms Sitharaman.
GST Council decisions on exemptions, correction of inversion will come into effect from July 18, Revenue Secretary Tarun Bajaj said.
The Council did not discuss the issue of inclusion of petroleum products under GST, Finance Minister Sitharaman said.
There was no discussion held over cryptocurrency assets during the GST Council meeting over the past two days, she said further.