GST Council
28% GST levy on online gaming and casinos likely from Oct 1 onwards, review after 6 months: FM Nirmala Sitharaman
It was further decided that once the GST levy becomes applicable on October 1, it will be reviewed after six months, and if need arises, changes may be made in it. The decision was taken during the GST Council meeting, which was held virtually by finance minister Nirmala Sitharaman.
GST council to take final call on 28% levy on online gaming, casinos & horse racing today
The meeting of the GST council, which is headed by Finance Minister Nirmala Sitharaman, will be held virtually. On July 11, the GST council decided that there will be a 28 per cent GST levy on full value of gaming, horse racing and casinos. The decision had led to disappointment in the gaming industry, which had even written to the finance ministry, urging it to revoke the decision.
28% GST to be levied on full value of online gaming, horse racing, casinos
Among other issues, the Council approved exemption of GST on import of cancer drug Dinutuximab and on Food for Special Medical Purposes (FSMP) that are used in the treatment of rare diseases. Maharashtra's Forest, Culture and Fisheries minister Sudhir Mungantiwar told reporters that the GST council also approved setting up of appellate tribunals.
GST council may mull steps to prevent fake generation of ITC in next meeting: Official
The GST Council is scheduled to meet on July 11. Chairman of Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri said this while speaking to reporters at the sidelines of an event. He further informed that the finance ministry may consider imposing countervailing duty on steel imports from China.
GST collections for May fell 19% to Rs 1,57,090 crore
Out of the total GST collections of Rs 1,57,090 crore for May, CGST was Rs 28,411 crore, SGST was Rs 35,828 crore, IGST was Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess was Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).
People's Wishlist: Dividend linked to share price, IT exemption hike on top
"There is no wish list. Just one wish. Zero tax," quipped a Tamil Nadu government employee. While that may be possible in utopia another interesting wish expressed by a chartered accountant is the linking of dividends declared by companies to the market value of the shares.
No tax increase on any item; GST on biofuel down to 5% from 18%
The GST Council has made the recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. As per the Council recommendations, GST on husk of pulses reduced to nil from five per cent.
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