The GST Council’s upcoming meeting has a packed schedule, with several key issues on the table besides the online gaming industry’s hope for a tax rate cut.
The council might discuss an amnesty scheme to resolve pending GST disputes and offer clarity on the tax treatment of foreign airlines and shipping lines. This first meeting since last October will also involve pre-budget discussions with states to understand their concerns. While a decision on reducing the GST rate for online gaming is unlikely, the council may offer some clarifications. Businesses are pushing for an amnesty scheme to settle past tax issues without hefty penalties. This could involve lowering the pre-deposit rate to 7.5%.
Foreign airlines and shipping lines – The council may also address the issue of tax notices received by foreign airlines and shipping lines due to differing views on GST applicability.
India’s Goods and Services Tax ( GST ) Council is set to convene its 53rd meeting on June 22nd, 2024, in New Delhi. This will be the first such meeting since Prime Minister Narendra Modi secured a third term and reappointed Nirmala Sitharaman as Finance Minister.
Read More: 53rd GST Council Meeting Scheduled for June 22 at New Delhi
GST collections for May 2024 reached Rs 1.73 lakh crore, reflecting a 10% annual increase but falling short of the record high collections grossed in April.
The agenda for the meeting is still being finalised, but it is expected to address key economic issues and set the groundwork for the government’s priorities in its third term. The previous meeting, held in October 2023, saw measures like reduced GST on packaged millet flour and tax exemptions for specific public services.
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