The 50th Goods and Services Tax (GST) Council meeting, headed by Union Finance Minister Nirmala Sitharaman is likely to be held in June 2023. As per the reports, the main agenda for the meeting will be the taxation issues of online gaming, horse racing and casinos.
Also, it was expected that the discussion on the GST Appellate Tribunal will see significant progress. Recently, a group of industrialists requested the central government to adopt a temporary provision to accept the appeal by accepting a partial amount from the taxpayer.
As per the official sources, the Council meeting will be held by June, however, the date has not yet been fixed. Also, it is anticipated that the GST Appellate Tribunal would have made considerable progress and that states would be able to seek the formation of benches in their jurisdictions.
As the tax system has essentially stabilised, officials have also stated that a large modification to the GST rates and slabs is unlikely at this time. A complete redesign of the rate structure is not being planned at this time, the official source said. Further, there will continue to be changes and reviews in the rate of certain items as and when required and to dispel confusion.
The report prepared by the Group of Ministers (GoM) was not taken up by the council in the previous meeting i.e. 49th GST Council Meeting. However the same is expected as an agenda for the 50th GST Council.
The official further stated that it is anticipated that the matter will be resolved without a Council vote.
Currently, there is a 28% GST imposed on all actionable claims involving betting and gambling, including those related to internet gaming. The GST Act does not differentiate between games of skill and games of chance when determining the levy.
A GST fitment panel is now determining the classification of millet goods and associated rates. According to sources, the fitment panel was composed of authorities from the Center and states who would classify products where millets are a key component.
At the upcoming GST Council meeting, which is anticipated to take place at the end of May or in June, the panel will likely make a classification recommendation.
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