47th Meeting of GST Council Ends, Discussion on 4 Recommendations of GoM

Meeting of GST Council Ends: The two-day 47th meeting of the GST Council (28 June 2022 to 29 June 2022) has ended in Chandigarh.
47th Meeting of GST Council Ends, Discussion on 4 Recommendations of GoM
47th Meeting of GST Council Ends, Discussion on 4 Recommendations of GoM Image Credit: CBIC's twitter handle

Meeting of GST Council Ends: The two-day 47th meeting of the GST Council (28 June 2022 to 29 June 2022) has ended in Chandigarh. Representatives of states and union territories were present in the meeting chaired by Union Finance Minister Nirmala Sitharaman.

During this, many important issues were discussed and many important decisions were also taken, about which you need to know.

After the meeting, the Finance Minister held a press conference and made announcements. She said that four recommendations of the GoM were discussed.

No decision on increasing GST compensation

On the second day of the meeting, all the states demanded an extension of the deadline for GST compensation.

But after the meeting, the Finance Minister said in the press conference that at present no decision has been taken on increasing the GST compensation of the states.

Puducherry Finance Minister K Lakshminarayanan said that all states have sought expansion of the compensation mechanism, but no decision has been taken.

GST was implemented in the country on 1st July 2017.

After the meeting, FM Sitharaman announced that the proposal to levy 28 per cent GST on casinos, online gaming, horse racing and lotteries have been deferred.

Proposal to levy 28% GST on casinos, online gaming, horse racing and lotteries have been deferred
Proposal to levy 28% GST on casinos, online gaming, horse racing and lotteries have been deferred

Finance Minister Nirmala Sitharaman said that the GST Council has asked the GoM to reconsider the tax rate on horse racing, online games and casinos by July 15.

These products will attract 5% GST

Now canned and labelled food items like curd, cheese, honey, meat and fish will also attract GST.

Along with this, GST will also have to be paid on the charges taken by the banks in lieu of the issuance of cheques.

The majority of the suggestions made by the Group of State Finance Ministers on the removal of exemptions for rate rationalisation have been adopted by the GST Council, the highest authority on matters pertaining to the goods and services tax.

47th Meeting of GST Council Ends, Discussion on 4 Recommendations of GoM
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