The GST Council is scheduled to convene on Saturday to deliberate on the unresolved reform issues.
The 52nd meeting of the council will take place in the capital city, as announced in a social media post by the council. However, the post did not disclose the precise topics or agenda for the meeting.
“The 52nd meeting of the GST Council will be conducted on 7th October, 2023, at Vigyan Bhawan, New Delhi,” stated the GST Council’s message on X.
Also Read: GST Council meeting on October 7: Agenda, other details here
According to media reports, it is anticipated that the GST Council will assess the states’ efforts in implementing the alterations related to the taxation of online gaming in their respective SGST laws, which had received approval during the 51st council meeting.
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As reported by The Economic Times, the council is expected to provide clarification on the taxation of bank and corporate guarantees furnished by directors and promoters to a company. Additionally, the meeting will also contemplate potential exemptions for powdered millets sold.
During its 51st meeting, the GST Council put forth suggestions for revisions in the CGST Act 2017 and IGST Act 2017. These recommendations encompassed changes to Schedule III of the CGST Act, 2017, aimed at offering better understanding regarding the taxation of transactions related to casinos, horse racing, and online gaming.
Also Read: GST Council to meet on 7 October to iron out setting up of tribunals
The Council also proposed that the assessment of the value of transactions involving online gaming and actionable claims in casinos should be determined based on the sum paid or owed to the supplier, either directly or on behalf of the player, while excluding the amounts used for participating in games or bets from previous winnings.
This approach suggests that the valuation should not be based on the total value of each individual bet placed.
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