52nd GST Council Meet Is To Be Held On October 7(Image: x.com/GST_Council)
The GST council is to meet on Saturday. The last meeting was held in August 2023, which had taken up the issue of taxation of online gaming. The council meet this time could introduce clarifications on corporate guarantees and some exemptions. If approved, circular which would hold the clarification on the taxability and valuation of corporate and personal guarantees would be issued, people who were in the know regarding this told the Business Standard. The council meet is also expected to recommend a GST of 18 percent on 1 percent of guaranteed amount.
The meeting on October 7 would be the 52 nd meeting of the GST Council. The meeting, which would be held in the national capital, would also have the agenda of discussing the pending issues regarding the reform agenda. The social media post which announced the 52nd GST meet did not give any other details on the agenda of the council.
It is expected that the review of the progress of states on the online gaming in the SGST laws which was part of the last meeting could be taken up. Several media platforms have reported on what could be the agenda for the meeting. The matter to the exemption of millets which are sold in powdered form at 18 percent could feature as a part of agenda and the 18 percent tax which is applicable on electric vehicles could very well stay on, said a report on this by the mint.
A reduction on GST on molasses from 28 percent to 5 percent could be under consideration. The meeting could bring in more clarity on the taxation of Extra Neutral Alcohol (ENA). It could be left out of the GST circle. The taxation issues regarding certain services given by cryptocurrency platforms could also come under the GST lens, said a Reuters report.
