GST Council Meeting: GST Council meeting is to be held today under the leadership of Finance Minister Nirmala Sitharaman. In this, issues related to online gaming, tax fraud and simplification of the tax system can be discussed.
new Delhi. Finance Minister Nirmala Sitharaman will lead the 48th meeting of the GST Council in a virtual manner on Saturday, December 17. In this meeting, efforts will be made to clarify many provisions related to GST so that this tax system can be further simplified. The need for e-invoices for businesses, payment of dues under GST law in case of insolvent companies, corporate-social security related expenses and tax credit on no claim bonus being given by insurance companies are likely to be discussed in today’s meeting .
Apart from these, the GST Council can try to solve many issues. For example, decriminalizing illegal activities done under GST law, setting up an appellate tribunal, system to deal with tax fraud in pan masala and gutkha trade, etc. can be the subject of discussion. Also, there can be discussion about tax on online gaming and casinos. In the GST Council meeting held in November, the Group of Ministers (GoM) had agreed to tax them at the rate of 28 per cent.
Where was the talk last time
Despite the consent of 28 percent tax on online gaming, casino and horse racing, it was not decided last time due to some differences. In fact, then there was no consensus on what tax should be levied, only on the fee being charged by the portal or even on the amount of the bat that the participant has imposed. At present, online gaming attracts 18 per cent GST. Currently, only the fees charged by the platform are taxed.
GST related offenses
The Legal Committee of the GST Council has said that the minimum threshold amount for initiating criminal proceedings against someone under the GST Act should be increased. Apart from this, it has been suggested to limit the penalty to only 25 per cent of the total payable amount from the delinquent taxpayers under the GST law. At present, this fine can go up to 150 per cent. Let us tell you that the tax officers of the central and state governments are also included in this committee.
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