Important decisions at GST Board meeting in Chandigarh, 28% GST on racetracks and online games

Correspondent of Jagran, Chandigarh. An agreement has been reached for 28 percent of GST on racing circuits and online gaming. But due to the lack of consensus on setting the GST rate at casinos, the final decision has not yet been made. Now the GdM (Group of Ministers) on this issue will deliver its report to the Minister of Finance before 15 July. Several important decisions were made at the 47th GST Council meeting here on Wednesday. With that, he concluded the two-day meeting organized under the leadership of the Minister of Finance of the Union, Nirmala Sitharaman. At the meeting, 16 states raised the demand for continuity of the amount of compensation, but a report on this has also been requested from the Group of Ministers until 21 July.

On the last day of the meeting, Union Finance Minister Nirmala Sitharaman said no decision had been made on the issue of GST rate in casinos as it is a matter of investigation. To this end, a report has been requested from the Chief Minister of Goa, who heads the Group of Ministers (GdM), before 15 July.

The Union Minister of Finance said at the press conference held after the meeting that when a person goes to the casino, he also spends on food and other goods and services inside. In this situation, a decision will only be made after the report is presented after discussing it in detail with the Government.

Many states want to become self-sufficient

At the meeting, 16 states raised the demand for continuity of the amount of compensation. At the same time, there were many states and territories of the union that want self-sufficiency. These same states presented the proposal in the direction of becoming self-sufficient by increasing the means of income. In this situation, on behalf of the council, the government concerned has been asked to submit its report on the issue of the amount of compensation before 21 July. A decision on this issue will be made after review by the council.

The decision will be made in Madurai on the GST rate and the amount of compensation at the casinos

The issue of setting the GST rate at casinos and the continuation of the amount of compensation will be decided at the board meeting to be held in Madurai, Tamil Nadu, in the first week of August 2022.

gift to the small business

To promote MIPIMES, a decision was taken in favor of small traders in the full council. Finance Minister Nirmala Sitharaman said that until now, if a person earned less than 40 lakh rupees or billed in a year by opening a small shop, it was not mandatory to register. While it was mandatory for small business owners to sell products and provide services online through digital platforms. In this situation, in the direction of relieving small business owners, the Council has decided that small business owners who do business of up to 40 lakhs per year in the same state (intra-state) through offline or online mode will not need registration, but the PAN card. and The presentation of the return will be mandatory.

If the electronic invoice is required in gold and precious stones of up to two lakhs … decision left to the states

If electronic invoicing is needed to move gold and gemstones from one place to another within the boundaries of the same state … The GST Council has let state governments decide. The council has clarified that the electronic invoice may or may not be mandatory for the movement of gold and precious stones worth two lakh or more in the same state. If the state government makes electronic invoicing mandatory at their level, they should pay attention to the secrecy of the vehicle in which this gold or gemstone will be moved from one place to another. state.

Changes in the GST of these goods and services will take effect from July 18th

Previous item (as a percentage) Now (as a percentage)

Printing, writing and drawing ink 12 18

Knives with cutting blades, pencil sharpeners, knives and razor blades, spoons, forks, skimmers, serving cakes 12 18

Electric pump, centrifugal pump, deep tube well, turbine pump, submersible pump, cycle pump 12 18

Cleaning machines, sorting or grading, seeds, cereals, pulses, machinery used in the milling industry or for grain processing, etc. Windmill, i.e. air flour mill, wet mill 5 18

Dairy machines, milking machines and machines for cleaning, grading or grading eggs, fruit or other agricultural products and parts thereof 12 18

LED lamps, lamps and their printed circuit boards of metal 12 18

Drawing and marking equipment 12 18

Solar water heaters and equipment 5 12

Finished leather, finished leather and leather composition 5 12

Services

Services provided by the foreman in the fund chit 12 18

Acts related to the transformation of hides and skins 5 12

Work related to the manufacture of leather goods and footwear 5 12

Works related to the manufacture of clay bricks 5 12

Contract for works on roads, bridges, railways, metros, sewage treatment plants, crematoria, etc. 12 18

Works supplied to the Central and State Administration, local authorities and their subcontractors for historical monuments, canals, dams, pipes, water supply plants, educational institutions, hospitals, etc. Annex 12 18

Works supplied mainly to earthworks and subcontracts thereof to the central and state governments, territories of the Union and local entities Annex 5 12

Edited by: Ankesh Thakur

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