GST Council meeting: Tax rates, online gaming, policy changes; know what’s on agenda

Union Finance Minister Nirmala Sitharaman with preside over the 52nd Goods and Services Tax (GST) Council meeting at the Sushma Swaraj Bhawan in New Delhi on Saturday.

A post on the official handle of Union Ministry of Finance on social media platform X read, "Union Finance Minister Smt. @nsitharaman will chair the 52nd GST Council meeting at Sushma Swaraj Bhawan, New Delhi, TODAY. The meeting will be attended by Union Minister of State for Finance Shri @mppchaudhary , besides Finance Ministers of States and UTs (with Legislature) and Senior officials from Union Government and States. 10.00 AM 7th Oct. 2023."

The meeting will be attended by Union Minister of State for Finance, MP Poonia, along with Finance ministers of various States and Union Territories (with Legislature), as well as senior officials from both the Union government and the states.

The GST Council convenes periodically to deliberate on matters related to the GST regime, including tax rates, policy changes, and administrative issues.

The 52nd meeting is aimed at discussing critical issues affecting the Indian tax system and finding collaborative solutions.

Delhi Finance Minister Atishi on Saturday said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day.

An "unstable, erratic tax environment" will deter foreign investors in the online gaming industry and impact the overall start-up ecosystem in the country, she said.

GST Council decisions in the past including the 28 percent tax on the online gaming industry adversely impacted the industry, she said.

The GST Council plays a pivotal role in shaping India's indirect tax structure, ensuring that it aligns with the nation's economic goals and eases the tax burden on citizens and businesses.

The meeting is scheduled to take place at 10 a.m., and its outcomes are expected to have a significant impact on the country's economy going forward.

It's part of the government's ongoing efforts to refine the GST system to enhance efficiency and promote economic growth.

The decisions and recommendations arising from the 52nd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall economic dynamics in the country.