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The GST council might amend the CGST Act to quash retrospective tax demands on online gaming, addressing unclear laws. The proposed amendment won't refund overpaid taxes

GST Council Meet: Retrospective tax demand on online gaming companies may be quashed

<h2>The GST council might amend the CGST Act to quash retrospective tax demands on online gaming, addressing unclear laws. The proposed amendment won't refund overpaid taxes</h2>

In some relief to the online gaming companies, the retrospective tax demands may be quashed as a key panel under the GST council has mooted amendment to the GST Act, reported The Economic Times. As per the report, tax notices in cases where the lower tax was paid due to interpretation of law or lack of clarity can be quashed
Retrospective taxation means, the government could impose and collect tax on a transaction or a deal that occurred in the past.
<h3>GST on online gaming firms</h3>
The GST council at its upcoming meeting on June 22 could take a call on the recommendation. By introducing a new section 11A in the legislation, the law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017.
The proposed amendment seeks to empower the government to "not recover the GST not levied or short-levied as a result of general practice". This is expected to allow the authorities to quash the tax demand raised with the retrospective effect.
However, this does not allow refund of overpaid taxes, as companies cannot claim refunds for any excess GST paid due to these practices.
In the financial year 2023-24, the Directorate General of Goods and Services Tax Intelligence (DGGI) detected 6,323 cases of tax evasion amounting to Rs 1.98 lakh crore. Of these, the online gaming sector had the highest number of tax evasion notices, totaling over Rs 1 lakh crore.
Also watch: <a href="https://www.editorji.com/business-news/online-gaming-industry-once-again-urges-government-to-reconsider-28-gst-policy-1718180241383">Online gaming industry once again urges government to reconsider 28% GST policy</a>

The GST Council plans to assess the 28% levy on online gaming, horse racing, and casinos in its October 7 meeting. Discussions will also include pending proposals for rate restructuring in items like millets and the establishment of GST Appellate Tri

GST Council to review 28% levy on online gaming, horse racing, and casinos at upcoming meeting

The GST Council plans to assess the 28% levy on online gaming, horse racing, and casinos in its October 7 meeting. Discussions will also include pending proposals for rate restructuring in items like millets and the establishment of GST Appellate Tribunals

The GST Council plans to assess the 28% levy on online gaming, horse racing, and casinos in its October 7 meeting. Discussions will also include pending proposals for rate restructuring in items like millets and the establishment of GST Appellate Tribunals

The Goods and Services Tax Council is set to meet on October 7 to review the implementation of the 28% levy on online gaming, horse racing, and casinos, as well as consider pending proposals for rate restructuring in items such as millets and the establishment of the GST Appellate Tribunals. The council may also discuss the reconstitution of the group of ministers on rate rationalization and the pending reform agenda.
The GST Council is a constitutional body responsible for making recommendations to the Union and State Governments on issues related to GST. The council is chaired by the Union Finance Minister and comprises the finance ministers of all states and union territories.
The council may take up the matter of reducing the GST rate on millet-based mixes to 5% or nil from 12% or 18% to promote millet consumption. The council may also consider setting up GST Appellate Tribunals in various states to reduce the pendency of cases.
Sanjay Chhabria, Director of Indirect Tax at Nexdigm, highlighted the GST framework's need for simultaneous taxation by both the Centre and States to Business Today. He emphasized that although amendments in GST legislation by Parliament became active on October 1, 2023, corresponding changes in State and Union Territory GST laws haven't been enforced yet. This delay could pose significant challenges for taxpayers. Chhabria suggested the GST Council temporarily suspend implementation, urging Member States to promptly pass the amendments.

If you thought the new year would bring any cheer to your household budgets, think again and tighten your purse strings as this going to be one pricey affair.

New Year 2022: These 5 things are going to cost you a lot more in the new year

If you thought the new year would bring any cheer to your household budgets, think again and tighten your purse strings as this going to be one pricey affair. The EJ eye caught 5 things that will cost you most at the start of the new year

Year Ender 2021| 5 things to get more expensive in 2022

From daily essentials like tomatoes, edible oils to transport fuels, it seemed like rising prices have hampered every Indian household in 2021, but it was not just this...the coming year is going to be more expensive
So, here's a list of 5 things that are going to get more expensive in 2022:
1.&nbsp;&nbsp;&nbsp;&nbsp; Cars
With global production constraints and chip shortages, many carmakers in the country are preparing to make their vehicles expensive.
According to a&nbsp;report by ETAuto, many carmakers in India are likely to implement a price hike across their lineup from January 2022.&nbsp;
The cost of input materials like steel, aluminum, copper, etc. has increased, thereby it is compelling carmakers to transfer this&nbsp;increased input cost to the customers.
2.&nbsp;&nbsp;&nbsp;&nbsp; Hospital bills &nbsp;
In the coming year, not only the health but also the hospital bill could have you worried sick. According to a report by ET,&nbsp;Apollo and Fortis are considering raising treatment package rates by 5-10% as costs continue to escalate.
Most hospital chains have not yet returned to pre-pandemic business structures while the pandemic has raised overhead costs exponentially for the institutions.&nbsp;
3.&nbsp; &nbsp; Life/Term Insurance
As variants of Covid-19 keep hovering us, insurers are set to hike premiums on term plans in the coming year. This is majorly due to increasing death claims on account of Covid-19 as well as increase in reinsurance rates.
As rising cases of Omicron is seen in regions such as South East Asia (including India), the UK and the US, reinsurers globally have increased rates.
According to the report, Term life insurance policies set to get expensive by 15-20%.
4. Eating out
Rather make reservations than make dinner? Don&rsquo;t expect it to be any cheaper. Fine dining, casual dining and quick service restaurant chains are all considering a hike in prices in view of escalating costs of raw materials.
With massive hike in commercial Liquefied Petroleum Gas (LPG) cylinders, increased cost of vegetable and pulses, coupled with high labour cost have all added to the burden of running the establishments.
5. Apparel, footwear
The price of clothing, as well as footwear, is likely to go up, as the Union government notified a uniform 12% GST rate for both from January 1, 2022.&nbsp;
The goods on which GST has been increased include ready-made clothes and textiles as well as footwear. Earlier 5 per cent GST was levied on these items, which has been increased to 12 percent. This new rule will be applicable from January 2022.
&nbsp;

As the rising cases of Omicron is seen in regions such as South East Asia (including India), the UK and the US, reinsurers globally have increased rates.

If you thought the new year would bring any cheer to your household budgets, think again and tighten your purse strings as this going to be one pricey affair.
<h3>The EJ eye caught 5 things that will cost you most at the start of the new year-:</h3>
<h3>Shopping - Clothes to Footwear</h3>
Taxing times for shopping up ahead as the <a href="https://www.editorji.com/business-news/personal-finance/get-ready-to-pay-more-for-shoes-and-clothes-gst-rate-more-than-doubles-1637472635509" target="_blank">GST&nbsp;rate</a> on clothes as well has jumped from 5% to 12% and gets on the tags from January 1. The Union Government has notified this change so expect lot less in your bags from your budget in the new year.&nbsp;
Also watch|&nbsp;<a title="Luxury brand Chanel is raising prices, limiting sales. Here's why" href="https://www.editorji.com/lifestyle-news/fashion-and-beauty/luxury-brand-chanel-is-raising-prices-limiting-sales-here-s-why-1640328014430">Luxury brand Chanel is raising prices, limiting sales. Here's why</a>
<h3>Eating out&nbsp;</h3>
If you thought cooking at home was pinching your pocket with high tomato, oil and <a href="https://www.editorji.com/story/hit-for-consumers-hat-trick-of-hikes-for-cooking-gas-lpg-cylinder-prices-hiked-twice-in-15-days-1630475631049" target="_blank">cylinder prices</a> eating out may start to give you a heartburn. From your favorite cafe to the fancy feast at a dine out all eateries are facing increased cost pressures from produce to cooking materials and transport. Most restaurants have taken either reduced portion sizes or raised rates by 10-15%
<h3>Costly Cars:&nbsp;</h3>
<a href="https://www.editorji.com/partner/car-and-bike/maruti-suzuki-to-hike-car-prices-from-january-2022-1638848015822" target="_blank">Maruti&nbsp;</a>led the charge in 2021 with 3 price hikes and it is deja&nbsp;vu as&nbsp; automakers that are battling with chip shortage and higher cost pressures will raise prices starting January 1. How much, well that will depend from model to model and on the brands. Car producers also have to implement and take on the cost of new and green CAFE&nbsp;norms that come into gear April 2022.&nbsp;
<h3>Hefty Hospital bills:&nbsp;</h3>
In the coming year, not only the health but also the <a href="https://www.editorji.com/story/wants-to-be-discharged-can-t-afford-hospital-bills-actor-ashiesh-roy-1590124660160" target="_blank">hospital bill</a> could have you worried sick. Leading hopsitals are considering raising treatment package rates by 5-10% as costs continue to escalate.Most hospital chains have not yet returned to pre-pandemic business structures while the pandemic has raised overhead costs exponentially for the institutions.&nbsp;
<h3>Expensive Insurance Life/Term Insurance</h3>
The term insurance plans, which provide only life cover and have no investment component &ndash; are likely to become expensive by anywhere between 10-20% in 2022 as reinsurers&nbsp;are raising their rates for companies.

No relief to you petrol or diesel bill as the GST&nbsp;Council though discussed the proposal of bringing the products under the tax net but felt 'it was not the right time to do so.'
Chair of the 45th GST&nbsp;Council meet, FM Nirmala&nbsp;Sitharam&nbsp;told reporters, "We discussed the inclusion of petroleum products in GST on HC order. GST Council felt time not right to include fuel products in GST."After 41 hikes petrol and diesel prices remain near record high across the nation and 50% of the bill is taxes paid to state and centre via VAT &amp; excise.&nbsp;States such as Kerala, Maharashtra&nbsp;and even Uttar&nbsp;Pradesh have opposed any proposal of fuel to be included in the GST&nbsp;net as it would hit state coffers significantly.&nbsp;

'Not the right time to include fuel under GST', FM clarifies post GST meet

No Friday cheer for fuel prices no reduction is taxes as the FM says 'Not the right time to include fuel under GST'.&nbsp;

<ul>
<li>Petrol and Diesel not bought under GST&nbsp;regime&nbsp;</li>
<li>GST&nbsp;Council took up the proposal of adding fuel into net, but disposed of it&nbsp;</li>
<li>FM: Not the right time to include fuel under GST&nbsp;</li>
<li>Taxes (Excise + VAT) account for over 50% of the fuel bill</li>
<li>Petrol, diesel prices near record high after 41 hikes since last April&nbsp;</li>
</ul>

FM Nirmala&nbsp;Sitharaman&nbsp;chaired the 45th GST&nbsp;Council meet in Lucknow on Friday.&nbsp;

No relief to you petrol or diesel bill as the GST&nbsp;Council though discussed the proposal of bringing the products under the tax net but felt 'it was not the right time to do so.'
Chair of the 45th GST&nbsp;Council meet, FM Nirmala&nbsp;Sitharam&nbsp;told reporters, "We discussed the inclusion of petroleum products in GST on HC order. GST Council felt time not right to include fuel products in GST." After 41 hikes petrol and diesel prices remain near record high across the nation and 50% of the bill is taxes paid to state and centre via VAT &amp; excise.&nbsp; States such as Kerala, Maharashtra&nbsp;and even Uttar&nbsp;Pradesh have opposed any proposal of fuel to be included in the GST&nbsp;net as it would hit state coffers significantly.&nbsp;

The GST Council meet today is expected to decide whether food orders via app-based online food delivery services such as Zomato and Swiggy will attract additional taxes 

GST Council Meet: Why it could deliver bad news for Zomato, Swiggy and you today

GST Hit For Zomato, Swiggy| Will services also be taxed not just food?

GST Council Meet:&nbsp;Currently, customers pay GST on the food items but not for the delivery service.

The <a href="https://www.editorji.com/story/gst-meet-the-fuel-agenda-will-your-petrol-prices-becoming-cheaper-1631856126332" target="_blank">GST Council meet</a> today&nbsp;is expected to decide whether food orders via app-based online food delivery services such as <a href="https://www.editorji.com/story/zomato-co-founder-gaurav-gupta-quits-to-start-a-new-chapter-1631610444358" target="_blank">Zomato</a> and <a href="https://www.editorji.com/story/is-a-swiggy-ipo-out-for-delivery-softbank-chief-says-can-deliver-returns-like-zomato-1628658771841" target="_blank">Swiggy</a> will attract additional taxes or not.
<h3>Zomato&nbsp;&amp; Swiggy&nbsp;GST&nbsp;debate, restaurant service or not?</h3>
GST&nbsp;Council to provide clarity on&nbsp;taxation on food deliveries and if&nbsp;the doorstep or takeaway services by cloud kitchens or central kitchens come under &ldquo;restaurant service&rdquo; or not.
<h3>What is the GST&nbsp;regime for Zomato, Swiggy&nbsp;right now?</h3>
Currently, customers pay GST on the food items but not for the delivery service. If classified under&nbsp;&ldquo;restaurant service&rdquo; there will be a levy of 5% tax for the delivery service providers as well.&nbsp;
<h3>What is means for the customers?</h3>
Simply, the cost of delivery and your delivered food is set to go higher as the platforms will most likely pass on the cost to the customer. So you as a customer will pay tax on two services, food and delivery!

After a gap of 7 months the GST&nbsp;council will meet on Friday and as the Finance Minister chairs this meet there is a long list of to do's and a longer list of demands to go through.States CompensationThe 43rd meeting is likely to pick up at exactly the same spot where the meet on October 5 left off at the discussion of state compensation. The centre has already indicated to states that there will be a gap between the compensation need and amount raised through cess.The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore.
Under GST law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from July 1, 2017.Rate reduction for medical essentials&nbsp;The council will take up GST&nbsp;rate on vaccines though the stage seems to be divided&nbsp;on the topic. Some states want a nominal levy while the Centre holds the opinion that this will adversely affect manufacturers in claiming input credit and thus causing hinderance to vaccine productions.&nbsp;States have asked the centre to consider GST exemption on hand sanitisers, face masks, gloves, PPE Kits, temperature scanners, oximeters, ventilators, and the likes.&nbsp;Rectifying inverted duty structureReports indicate the govt may address the trouble of the&nbsp;inverted duty structures in key sectors that ends up making import duties on input goods higher than on finished goods.&nbsp;
Boost for two-wheelers
The council may also consider lowering of GST rate of 28 percent on two-wheelers to give a boost to its sales affected during the pandemic as per reports.&nbsp;
The Fuel Debate&nbsp;
Natural Gas may get added to the three tier structure of GST&nbsp;but adding in petrol or diesel into&nbsp; the ambit at a time when compensation gap is anyway widening seems like a unlikely possibility as per govt officials. 14 fuel prices hikes this month with record high prices at pump largely owing to high taxes is adding pressure on the centre to take up fuel under GST.&nbsp;

GST meet on Friday, here is the agenda and the demands 

GST meet today, here is the what's on the agenda and the demands states are bringing to the table.

The GST Round Up 

After a gap of 7 months the GST&nbsp;council will meet on Friday and as the Finance Minister chairs this meet there is a long list of to do's and a longer list of demands to go through. States Compensation The 43rd meeting is likely to pick up at exactly the same spot where the meet on October 5 left off at the discussion of state compensation. The centre has already indicated to states that there will be a gap between the compensation need and amount raised through cess.The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore.
Under GST law, states were guaranteed to be compensated bi-monthly for any loss of revenue in the first five years of the GST implementation from July 1, 2017. Rate reduction for medical essentials&nbsp; The council will take up GST&nbsp;rate on vaccines though the stage seems to be divided&nbsp;on the topic. Some states want a nominal levy while the Centre holds the opinion that this will adversely affect manufacturers in claiming input credit and thus causing hinderance to vaccine productions.&nbsp; States have asked the centre to consider GST exemption on hand sanitisers, face masks, gloves, PPE Kits, temperature scanners, oximeters, ventilators, and the likes.&nbsp; Rectifying inverted duty structure Reports indicate the govt may address the trouble of the&nbsp;inverted duty structures in key sectors that ends up making import duties on input goods higher than on finished goods.&nbsp;
Boost for two-wheelers
The council may also consider lowering of GST rate of 28 percent on two-wheelers to give a boost to its sales affected during the pandemic as per reports.&nbsp;
The Fuel Debate&nbsp;
Natural Gas may get added to the three tier structure of GST&nbsp;but adding in petrol or diesel into&nbsp; the ambit at a time when compensation gap is anyway widening seems like a unlikely possibility as per govt officials. 14 fuel prices hikes this month with record high prices at pump largely owing to high taxes is adding pressure on the centre to take up fuel under GST.&nbsp;

States are urging the centre to call for an urgent&nbsp;GST&nbsp;meet to reduce cost of medicines and medical equipment.&nbsp;States are demanding exemption of key Covid drugs like Remdesivir, medical grade oxygen used in oxygen cylinders, and related supplements, which currently attract 12%.
The GST&nbsp;council has not had a meeting for the last six months.&nbsp;

States call for urgent GST meet to cut cost of medical equipment, drugs

With no meeting in the last 6 months, states are urging the centre for an emergent meeting to exempt key covid&nbsp;drugs from GST&nbsp;ambit.&nbsp;

<ul>
<li>States seek urgent&nbsp;GST&nbsp;council meet&nbsp;</li>
<li>State representatives write to centre asking for GST&nbsp;meet</li>
<li>States seek&nbsp;exemption of key Covid drugs from GST&nbsp;</li>
<li>States ask for reduction in GST&nbsp;on medical equipment&nbsp;from current 12%</li>
<li>GST&nbsp;council has not met for the last 6 months.&nbsp;</li>
</ul>

States are urging the centre to call for an urgent&nbsp;GST&nbsp;meet to reduce cost of medicines and medical equipment.&nbsp; States are demanding exemption of key Covid drugs like Remdesivir, medical grade oxygen used in oxygen cylinders, and related supplements, which currently attract 12%.
The GST&nbsp;council has not had a meeting for the last six months.&nbsp;

Can’t borrow: FM says consensus on GST shortfall evasive 

The stalemate over the GST dues between the Centre and the states continues as a meeting of the GST Council on Monday failed to reach a consensus.&nbsp;Finance Minister Nirmala Sitharaman said that no consensus&nbsp;was&nbsp;arrived at on way to make up for GST shortfall of states&nbsp;after GST Council meeting.&nbsp;She said the Centre cannot borrow to make up for GST shortfall of states as it will lead to rise in borrowing cost.&nbsp;

Can’t borrow: FM says GST Council failed to reach consensus on dues 

The stalemate over the GST dues between the Centre and the states continues as a meeting of the GST Council on Monday failed to reach a consensus.&nbsp;Finance Minister Nirmala Sitharaman said that no consensus&nbsp;was&nbsp;arrived at on way to make up for GST shortfall of states&nbsp;after GST Council meeting.&nbsp;She said the Centre cannot borrow to make up for GST shortfall of states as it will lead to rise in borrowing cost. (SOT)
GST&nbsp;meet fails to reach&nbsp;consensus on compensating states FM:&nbsp;Centre cannot borrow to make up for GST shortfall

The stalemate over the GST dues between the Centre and the states continues as a meeting of the GST Council on Monday failed to reach a consensus.&nbsp;Finance Minister Nirmala Sitharaman said that no consensus&nbsp;was&nbsp;arrived at on way to make up for GST shortfall of states&nbsp;after GST Council meeting.&nbsp;She said the Centre cannot borrow to make up for GST shortfall of states as it will lead to rise in borrowing cost.&nbsp;

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