CA Pratibha Goyal | Jun 22, 2024 |
GST Council Meeting Today: What are key Expectations of the Taxpayers
The 53rd GST Council Meeting will be held today, i.e., on 22nd July 2024. It will be headed by our Union Finance Minister Nirmala Sitharaman who has just taken the charge after Lok Sabha Elections 2024.
This meeting is important as it is being held after the elections after a gap of 8 months, and just before Union Budget 2024.
Rationalization of the pre-deposit amount for entering the first and second stages of appeal, Launch of Form GSTR-1A for revision of GST Returns, Reduction of TCS rate from the present 1% to 0.5 % are some of them.
The 52nd GST Council meeting had decided to charge a 28 percent tax on internet gaming, casinos, and horse racing. However, the council decided to postpone reviewing the 28% tax on online gaming profits until later in the March GST meeting. Thus, the whole online gaming industry has eyes on this council meeting of their final decision.
There have been numerous suggestions to bring fuel within the GST’s purview in order to create a uniform price system for necessary energy resources. Nonetheless, a few state governments have already voiced their objections to this proposal, expressing worries about the possible loss of significant Taxes.
The GST council might take a decision on the issue of reducing GST Rates on fertilizers and chemicals. Currently Fertilizers are subject to a 5% GST rate, whereas raw ingredients such as ammonia and sulfuric acid are subject to 18% GST rate.
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