Page 3 - Gst Council Meeting

28% GST on online games when winning depends on certain outcome: CBIC chief

Central Board of Indirect Taxes chief Vivek Johri on Saturday said online games where winning is dependent on a certain outcome would attract 28 per cent GST on the full bet value. Though the report of the Group of Ministers (GoM) on online gaming did not come up for discussion at the GST Council, the department would go by the view that 28 per cent GST is payable on full bet value put in by a player, and not net of margins. The comments assume significance as the Gameskraft Technology Pvt Ltd (GTPL) GST evasion case is still in the court. Directorate General of GST Intelligence (DGGI) in September issued a show cause notice to Bengaluru-based online gaming company Gameskraft Technology Pvt Ltd (GTPL), for not Goods and Services Tax (GST) to the tune of Rs 21,000 crore. Asked what would be the position of the Central Board of Indirect Taxes (CBIC) since the Council has not decided yet on the GoM report, Johri said the department's view is that 28 per cent GST is payable on actionab

Auto industry body hails GST Council's clarification on definition of SUVs

Auto industry body Society of Indian Automobile Manufacturers on Saturday welcomed the GST Council's clarification on the definition of SUVs, saying it is on the lines of its discussions with the finance ministry. Briefing reporters after the 48th GST Council meeting, finance minister Nirmala Sitharaman said the higher rate of compensation cess of 22 per cent is applicable to a motor vehicle fulfilling all four conditions -- it is popularly known as SUV; has engine capacity exceeding 1,500cc; length exceeding 4,000 mm; has ground clearance of 170 mm and above. In response, SIAM in a statement said this has brought in a clarity that higher rate of compensation cess of 22 per, over and above of 28 per of GST, will be applicable only on such vehicles which meet all the four conditions. "SIAM is thankful to ministry of finance, government of India and the GST Council for issuing a clarification on the definition of SUVs," it added. This is on the lines of SIAM's recommendations and bas

GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

FM Sitharaman likely to begin pre-Budget talks from third week of November

FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders

GST Council likely to meet in Dec, may take up report on e-game tax

The Council meeting was expected to be held in August in Madurai

Bumper GST collections could lead to compensation windfall for states

Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it

GST collection jumps 28% YoY in July to second highest ever at Rs 1.49 trn

Collection remains above Rs 1.4 trn for fifth straight month

GST council meeting takes no decision on extending compensation to states

New rates for some items, removal of exemptions with effect from July 18

Amid inflation, GST Council withdraws exemption on host of household items

Pre-packed wheat flour, papad, paneer, curd and buttermilk will be taxed at 5 per cent after the GST Council decided to stop allowing exemptions on such items while raising rates on a host of others.

GST Council okays mandatory registration waiver for small online retailers

The waiver, which is subject to certain conditions, will benefit about 120,000 small traders

47th GST Council meet: Here's what became expensive after Tuesday meeting

The GST Council today is expected to take up extending compensation to the state

Sensex, Nifty end flat after volatile session; metal, energy stocks shine

CLOSING BELL: M&M, Tech M, Dr Reddy's Labs, Reliance Industries, HCL Tech, and Tata Steel were the top gainers on the 30-pack index

GST Council meet begins today: Here's what's on the agenda in Chandigarh

From revising some rates to deciding on the thorny issue of compensation extension for states, here is what the Council is likely to take up

Top headlines: GST Council meet to begin today, Vedanta turns to LIC & more

The two-day Goods and Services Tax (GST) Council meeting, which begins today in Chandigarh, is likely to be action-packed

Punjab likely to lose Rs 15K crore in FY23 as GST compensation ends

At the Council meeting in Chandigarh, states may call for extending compensation deadline

Top headlines: Fantasy games may be taxed at 28%, input tax credit & more

The exposure of debt mutual fund (MF) schemes to certificates of deposit (CDs) issued by banks has more than doubled in the past year

Fitment committee rejects demands to reduce GST rate on over 200 items

The Council unlikely to decide on taking crypto assets in next week's meeting in Chandigarh.

Indian economy: Not just a twin but a triple-deficit problem looms

While the twin deficit problem of widening fiscal and current account deficits has been spoken about, a third problem of widening deficit in the states also stares the Indian economy in the face

GST panel to submit interim report on exempted items, may prune list

No decision on rate rejig; to meet again for further deliberation

47th meeting of GST Council to be held on June 28-29 in Srinagar: FinMin

The meeting assumes significance as it is expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming