Finance Minister Nirmala Sitharaman said Wednesday that GST rates for online gaming, horse racing and casinos will be finalized at the 48th GST Council meeting to be held in Madurai in the first week of August. Sitharaman addressed the outcome of the 47th GST Council meeting at a press conference.
The Council ordered the Ministerial Group on Casinos, Racecourses and Online Gambling to reconsider the issues in their terms of reference based on further input from States and submit their report by July 15 as Goa has raised the issue and asked for differentiation Casino of online gaming and horse racing.
“Following Goa’s request for special treatment for casinos, it was decided that GoM will hold another hearing for online gaming and horse racing; the GoM will present the report by July 15 and the GST Council will therefore meet again on the agenda of this GoM 1st week of August,” said the finance minister.
On the issue of the indemnity waiver, the finance minister said the broad line is that the indemnity can continue for at least a few years, if not five years. About 15-16 spoke about compensation.
The minister said that GoM should be formed to address various concerns raised by states regarding the GST Court of Appeals and amendments to the CGST law. GoM on IT reforms recommended, among other things, that the GSTN should introduce the AI/ML-based mechanism.
Finance Minister Tarun Bajaj said that the 3rd GoM made specific recommendations on what GSTN needs to do to address issues such as fake invoices; For example, risk-based models are being developed that impose more extensive pre-registration checks on riskier companies.
“Artificial intelligence and machine learning tools are being developed to ensure we are more compliant than we are now; the GoM will continue to make suggestions and the GSTN will continue to implement them,” he concluded.
The 47th two-day session of the GST Council took place in Chandigarh on Wednesday. During the meeting, the GST were also revised on numerous points.