Live updates from 52nd GST council meeting press release attached
– No GST rate cut on EV batteries as the fitment committee rejected the proposal.
– Delhi minister Atishi Singh favoured the Online gaming companies and opposed the notices sent to them
Live updates from 52nd GST Council meeting
– Eligibility for GST Tribunals
This issue was getting a lot of heat. Now the eligibility criteria for the GST Tribunal will include the advocates practicing in GST and having more than 10 years of experience.
– Big News- Amnesty scheme for appeal filing till January 24.
– The council has approved the exemption of ENA from VAT when supplied for Industrial consumption.The exemption will include both grain-based and molasses-based ENA.
18% tax on personal corporate Guarantee-
Another major dispute is made more disputed by the council. Personal guarantee given by the director will now be taxable at 18% by Deptt. Earlier its taxability was disputed and most of the corporates were not paying any amount on this as it was not construed as a service
Major relief for online Gamers-
A huge liability was hanging on online gaming industry. They were sent notices of huge amount. The notices to whole industry were predicted to the tune of 1.5 lac crores. But now the Council has decided to give them a relief in the retrospective liability at least. The council said that the tax liability will not be for the past period but for the future the tax liability will be at 28% of total amount of bet.
Read article on taxation on Online gaming industry here.
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