The 47th GST Council Meeting is soon to take place, issues like change in rate of few items such as diamond and ostomy appliances will be discussed. The meeting, chaired by Finance Minister, Nirmala Sitaraman, will take place in Chandigarh, which will be held for 2 days, Tuesday and Wednesday.
GST compensation issue is very important for us. The 14 per cent Protected Revenue Increment Protocol, which terminates on 30th June, should be extended by at least 5 years. We are not in favor of any increase in GST rates. We are in favour of the rationalization of GST Rate Slabs. Tax collection at lower GST rates will enable higher tax collection.” Chhattisgarh Minister TS Deol said.

What is GST Council?

GST Council is a governing body to regulate and direct each and every step for the implementation of goods and service tax in India on tax rates and further implementation.
According to Article 279 A, it is on the part of president to give the order to constitute the council of GST within the 60 days from 12th September 2016, which is already notified by the government.
Till now, the council has conducted 46 meeting, this will be the 47th meeting which is being conducted.

What Is The Agenda Of The Meeting?

The Council is likely to discuss about change in rates of some items that are recommended by the Fitment Committee. The committee has advised reducing GST rates from 12 percent to flat 5 percent on ostomy appliances (including pouch, or flange, barrier cream, sleeves, irrigation kit, micro pore tapes, stoma adhesive paste, belt). It has also announced that 5 percent of GST will be levied on prostheses (artificial limbs), orthopedic implants such as trauma, spine and arthroplasty implants in the body and orthoses (braces, splints, belts and calipers).
The Council will also discuss about the implementation of 28 percent GST on online gaming, Casinos and Horse Racing. The GoM has recommended that the online gaming should be taxed at the full value of its consideration, including the contest entry fee, paid by the player or participating in the game. In the race courses, bets are made, so GST will be levied on those bets pooled in the totalisators. Whereas in Casinos, the tax will be levied on full face value of chips/ coins, purchased from the casino by a player.
The Council during its next meeting is also likely to consider levying a 28 per cent goods and services tax on cryptocurrencies. It is also expected to discuss changes in law to facilitate provision for setting up GST Tribunals.

Written by: Ishita Sachdeva

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