GST Council Meet On June 22 To Take Up These Problems

The GST Council meeting will take place on 22 June 2024. The meeting will take up several topics for discussion and changes. However, the gaming industry is still in dilemma. Whether the Budget and GST council will take the tax reduction consideration for the gaming industry or not. The expectations are less likely for any action. The gaming industry is increasing drastically with new gamers online. Several online gaming championships are also becoming a part of it. However, the GST in the gaming industry is still the highest.

GST Council To Conduct A Meeting On 22 June 2024

GST Council is going to conduct a meeting on 22 June 2024. The meeting will pay attention to several aspects like the amnesty scheme, exemption from shipping, airlines & Budget. The gaming industry refers to all the online games on laptops, smartphones, and NFT games. It also includes the championships taking place at the moment. The industry is growing bigger every day. However, there is no clarification around it. The current GST rate in the gaming industry is 28%. This tax slab is basically for the luxury segments or the segments that don’t fall under the basic needs of a human. Thus, there is less chance that the gaming industry will get a tax reduction from the 28% tax slab.

GST Council might majorly review the special scheme of the government for providing relief to the defaulters or exporters having tax obligations. A final decision on this scheme is necessary because the litigations are piling up. The meeting is taking place after several months. It is more than half a year as the last meeting took place on 7 October 2023. The officials have not shared the clear objective and the matters going to be discussed in this council meeting. The people expect the rate of pre-deposit to lower.

All the businesses are urging to take up the amnesty scheme for the matter. It will help in clearing the backlog of the litigation. The businesses that still have some pending taxation will get the chance to settle it and start ethically from now onwards. Otherwise, it will keep getting piled up. There is also an issue with the GST treatment of foreign airlines and shipping lines. There are a lot of notices of this issue from the Directorate General of GST Intelligence and ]several complaints like non-payment of GST on the imports from the parent company. The GST council meeting for the year will decide the future and working of this industry further.