Union Finance Minister Nirmala Sitharaman chairs the 48th meeting of GST Council

The 48th GST Council meeting take place today, i.e. 17th December through virtual mode. Smt Nirmala Sitharaman, the Union Finance Minister, will chair the meeting, which will be joined by the Finance Ministers of the states/Union Territories of India.

The Council is expected to bring many changes in the law to bring clarity to tax provisions.

GST on online gaming and casinos:

Concerning taxation of online gaming, casinos, and horse racing, the Group of Ministers (GoM), in its last meeting in November, had agreed on a 28% GST on these segments.

However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the Group of Ministers (GoM) decided to refer all suggestions to the GST Council for a final decision.

Decriminalisation of offences

With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to increase the monetary threshold for launching prosecution for GST offences.

As per news and media , The law committee has also suggested that the fee payable by the taxpayer for compounding of GST offences be lowered to 25% of the tax amount, from up to 150% currently, to improve the ease of doing business.

It has suggested raising the threshold of launching prosecution to Rs. 20 crore, from Rs. 5 crore at present. Launching of prosecution by GST Department means the commencement of legal proceedings against the offender.