Friday, December 20, 2024 | 10:48 AM ISTEN Hindi

Home / Economy / News / GST council meeting takes no decision on extending compensation to states

GST council meeting takes no decision on extending compensation to states

New rates for some items, removal of exemptions with effect from July 18

Premium

Union Finance Minister Nirmala Sitharaman addresses a press conference following the deliberations at the 47th GST Council meeting in Chandigarh | Photo: PTI

Shrimi Choudhary Chandigarh

7 min read Last Updated : Jun 30 2022 | 1:49 AM IST

The Goods and Services Tax (GST) Council’s two-day meeting concluded on Wednesday without any decision on extending compensation to states – for revenue loss on account of the regime’s implementation five years ago – beyond June 30. This was despite at least two dozen states raising the issue.

The Council, however, took significant measures to simplify the structure of GST by revising rates on some goods and services and removing exemptions on several mass-consumption packaged items with effect from July 18.

It deferred the proposal to tax online gaming at flat 28 per cent, on a par with gambling, and

Topics : Goods and Services Tax Nirmala Sitharaman GST GST Council GST GoM GST compensation GST on trade Finance minister GST council meeting

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in