GST compensation cess for states shall continue till next meeting, says Nirmala Sitharaman
Chandigarh, June 29: The 47th GST Council, headed by Union Finance Minister Nirmala Sitharaman in Chandigarh, decided on four GoM reports — rate rationalisation committee; casino, horse trading and lottery, online gaming; IT taxation; and movement of precious metal. It was decided that GST compensation cess for states shall continue till the next meeting.
"The highlight of the two-day GST Council Meeting is that we could consider, discuss and decide on four GoM reports. The meeting did justice to the good work done by the Group of Ministers on four different matters," said Finance Minister said.
Finance Minister Nirmala Sitharaman said online gaming, casinos, horseracing include gambling even if it was based on skill. On the other hand, the GST Council deferred a decision on the proposal to raise the GST on online gaming to 28 per cent from 18 per cent on skill gaming to bring it on a par with chance games involving gambling and betting.
The GST Council asked the Group of Ministers to re-deliberate tax rate on horse racing, online gaming, casinos by July 15.
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She said the council had approved exemptions and inverted duty structure suggested by BS Bommai, GoM. The Council directed that the Group of Ministers on Casino, Race Course and Online Gaming re-examine the issues in its terms of reference based on further inputs from states and submit the report at the earliest.
No discussion was held over cryptocurrency assets during the GST Council meeting over the past two days.
The Council also did not discuss the issue of inclusion of petroleum products, Finance Minister Sitharaman said, in response to a media queries.
"The GST Council will meet on limited agenda on August 1 or in first week of August," said Finance Minister Nirmala Sitharaman.
Key takeaways from 47th GST Council Meet
