Upcoming GST Council Meeting on October 7: Key Agenda and More

The Goods and Services Tax (GST) Council has scheduled a meeting on October 7 to address pending reforms. This 52nd council meeting will occur in New Delhi, as announced on the GST Council's social media account. However, the agenda for this meeting has yet to be disclosed. "The 52nd meeting of the GST Council will be held on 7th October 2023, at Vigyan Bhawan, New Delhi," was mentioned in the GST Council's post on X (Formerly known as Twitter).

What is the Agenda of the 52nd GST Council Meeting?

The upcoming GST Council meeting is scheduled to take place at New Delhi's Vigyan Bhawan this week, although the specific topics on the agenda have not been revealed yet. However, based on media reports, there are several key matters likely to be discussed:

1. The GST Council is expected to assess the progress made by states in implementing changes related to the taxation of online gaming, which were previously approved in the 51st council meeting.

2. There may be discussions regarding the taxation of bank and corporate guarantees provided by directors and promoters to a company, aiming to provide clarity on this matter.

3. Exemptions for millets sold in powdered form might also be considered during the meeting.

4. A potential reduction in GST on molasses from 28% to 5% is expected to be discussed, as reported by CNBCTV18.

5. The council may provide clarification on the taxation of Extra Neutral Alcohol (ENA) and possibly exempt ENA from GST, according to CNBCTV18.

These are some of the expected topics that the GST Council may address during their upcoming meeting.

Amendments to the 51st GST Council Meeting

During the 51st GST Council meeting, several important recommendations were made regarding changes to the CGST Act 2017 and IGST Act 2017. These recommendations aimed to provide clarity on the taxation of certain activities, including casinos, horse racing, and online gaming. Here's a simplified summary of the key points discussed:

1. Schedule III of the CGST Act was amended to clarify the taxation of supplies related to casinos, horse racing, and online gaming.

2. A new provision was suggested in the IGST Act to establish the liability for paying GST on online money gaming services provided by foreign suppliers to individuals in India. This would involve a simplified registration process for these foreign suppliers, as well as measures to block access to their services if they fail to comply with registration and tax payment requirements.

3. For the valuation of online gaming services and actionable claims in casinos, it was recommended that the focus should be on the amount paid or payable to the supplier by the player (excluding amounts from previous winnings), rather than the total value of each bet placed.

4. Specific provisions for valuing online gaming services and actionable claims in casinos would be included in the CGST Rules, 2017 to align with these recommendations.

These changes were proposed to bring clarity and consistency to the taxation of these activities under the GST framework. For more future updates about GST, income tax, TDS, and more. stay in touch with Myitronlinenews.com 

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