The 49th GST Council Meeting is set to take place on 18th February 2023, with discussions on the taxation of'pan masala' and 'gutka' firms, online gaming, casinos, and horse racing.
Key Decisions Made on 48th GST Council Meeting
The last GST Council meeting held on 17th December 2022 clarified the definition of SUVs, decriminalizedthree types of GST offences, raised the minimum threshold for tax prosecution and reduced the compounding amount.
GST Collection on the Rise
The GST collection surged to ₹1,55,922 crore in January 2023, marking the second-highest ever. The total revenue of the Centre and states after regular settlement was ₹67,470 crore for CGST and ₹69,354 crore for SGST.
Taxation of 'Pan Masala' and 'Gutka' Firms
49th GST Council Meeting is likely to address the taxation of 'pan masala' and 'gutka' firms, a controversial topic that has been a subject of debate for some time now.
Online Gaming, Casinos, and Horse Racing
The taxation of online gaming, casinos, and horse racing is another important topic that will be discussed at the 49th GST Council Meeting.
GST on Rab and Fryums
The GST Council has clarified that Rab (a type of jaggery) and fryums manufactured using the process of extrusion attract 18% GST.
GST on Insurance and Incentives
The GST Council has also clarified that no claim bonus offered by insurance companies and incentives paid to banks are not taxable under GST.