52nd GST Council Meeting Today: Key Points To Expect

The 52nd Goods On Service Tax (GST) Council meeting will take place at Vigyan Bhawan New Delhi on October 7th. The meeting will cover various topics including the extension of the concessional tax rate on vehicles for visually impaired individuals, exemption on powdered millets, and clarification on tax for bank and corporate guarantees.

Top points on 52nd GST Council meeting:

1. The GST Council is expected to assess the states' implementation of the approved changes in the taxation of online gaming in SGST laws. The central government has passed amendments to impose a 28 per cent tax on online gaming, casinos, and horse racing, which became effective from October 1st.

2. Last month, the GST Council, led by Union Finance Minister Nirmala Sitharaman and including state counterparts, approved changes to Central GST and Integrated GST laws to provide clarification on imposing a 28 per cent tax on the entire value of bets in online gaming, casinos, and horse race clubs.

3. The GST Council is anticipated to offer clarification on the taxation of banks and corporations given by directors and promoters to a company, as reported by The Economic Times.

4. During the meeting, the council is likely to talk about excluding distilled alcohol, which is used in the production of liquor, from the indirect tax. This type of alcohol, known as high-distilled or extra-neutral alcohol, consists of 95% alcohol by volume and is used both in the liquor industry and for industrial purposes.

5. According to a source, the council will also review a plan to decrease the GST on molasses from 28% to 5 per cent. Molasses, which is derived from sugar production, is utilized in the production of extra-neutral alcohol and ethanol.

6. The committee will review a proposal to remove the 18 per cent GST on certain millet flour products and intends to maintain the 18 per cent tax on electric vehicle batteries.

7. There are chances that the government will examine methods of taxing certain services offered by cryptocurrency platforms.

8. The GST Council proposed revisions to the CGST Act 2017 and IGST Act 2017 during its 51st meeting. These revisions focused on modifying Schedule III of the CGST Act, 2017 to clarify the taxation of transactions involving casinos, horse racing, and online gaming.