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.
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