50th GST Council to meet on July 11: Online gaming tax, ITC claims among key items on agenda; check details
GST) council at its 50th meeting scheduled for tomorrow, July 11, is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming input tax credit (ITC). The GST Council is chaired by finance minister Nirmala Sitharaman and comprises a panel of state representatives.
The meeting will be conducted at Vigyan Bhawan in New Delhi. Vivek Johri, chairman of the Central Board of Indirect Taxes and Customs (CBIC), in an earlier interview with Moneycontrol has indicated that any potential changes to GST rates will require careful consideration and may need to be implemented gradually.
He emphasised the importance of revenue efficiency and suggested that rate rationalisation should be approached cautiously to ensure the stability of consolidated revenues, according to the report. 1.Taxation on online gaming: The report of the panel of eight state finance ministers, convened by Meghalaya Chief Minister Conrad Sangma, on taxation of online gaming, horse racing and casinos is slated to be discussed in the meeting.
The GoM (group of ministers) had a broad agreement that a 28 per cent GST should be levied on all the three supplies, but a consensus eluded on the taxability of online games with Goa suggesting that an 18 per cent tax should be levied only on platform fees and contribution to prize pool should be tax exempt. GoM has left the decision to the Council on whether GST should be imposed at a rate of 28 per cent on the full face value of bets by players of online gaming, horse racing, casinos or on the gross gaming revenue.
2. Tax on non-fried snacks: Another important matter on the agenda is the tax treatment of non-fried snacks
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