GST Council unlikely to alter inverted duty structure for textiles; 28% tax on online gaming, casinos under consideration

The Goods and Services Tax (GST) Council is unlikely to change the inverted duty structure for textiles at its next meeting, which is expected to be held in the third week of June, CNBC TV-18 reported on June 3, quoting sources.

The GST Council may also take up the Group of Ministers (GoM) report on online gaming, casinos, and race courses. The GoM, headed by Meghalaya Chief Minister Conrad Sangma, has a consensus on a tax rate of 28 percent on these services.

 The GST Council is also likely to extend the timeline for GoM on the rate rationalisation by six months.

The council may begin discussions to bring Virtual Digital Assets (VDAs) and crypto assets under the GST ambit.

The Supreme Court recently ruled that the recommendations by the GST Council are not binding on states or the Centre and only hold a persuasive value.

The parliament, as well as state legislatures, possess equal and simultaneous powers to legislate on GST and the Council can advise suitably in the event of repugnancy between laws laid down by the two federal units, the court said.

It may be noted that on May 3, the Centre released an amount of Rs 86,912 crore to cover the entire amount of GST compensation due to states until May 31, 2022.

SOURCE:https://www.moneycontrol.com/news/business/crypto-com-gets-regulatory-nod-in-dubai-ftx-launches-in-japan-8638011.html

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