Skip to content

The 47th GST Council Meet –  28% GST On Online Games

47th GST Council Meet
Reading Time: 3 minutes

The 47th GST Council Meet, headed by the Union Finance Minister, Nirmala Sitharaman is expected to discuss key financial issues during the two-day meeting, beginning on 28th June, Tuesday. The two-day meeting was earlier decided to be held at Srinagar, but on account of security reasons, the venue was altered to Chandigarh. 

What happened to the 47th GST Council Meet? What all items lost their tax exemption by the Union Government? Which items became costlier? This article will give you an insight into the two-day GST Council Meeting and will share the top agendas for this Financial Year, 2022. 

47th meeting of the GST Council in Chandigarh

The Two-day GST Council Meeting 

The GST was introduced to the Indian states in the year 2017. Thus, in view of the revenue losses on account of new rules on Goods and Services Tax, the Centre had promised the states the compensation in GST for five years. This year, in 2022, the GST compensation to states will come to an end on 30th June. But, the Union Government confirmed that the compensation will continue for luxury and high-priced goods and services! What was the State’s reaction to this? 

“We will be requesting the extension of the compensation window for five years. Not just Kerala, even other states will be seeking an extension as the revenue growth is not as promised,” said KN Balagopal, Finance Minister of Kerala on the Union’s decision of ceasing the tax exemption to States. But, reports suggested that the expansion of the compensation tax will not be approved by the Union Government for another five years!

GST Amendments On Various Goods And Services 

In addition to ceasing the tax compensation to the States, the Union Government also decided to revise GST rates on a variety of goods and services. What items are likely to attract the Goods and Services Tax? What all items will experience an increase in their GST? Let’s take a look at them. 

GST Amendments On Various Goods And Services 

1. According to the Fitment Committee, a uniform 5% GST on prostheses and orthopaedic implants are likely to be implemented. In addition, a 5% GST rate for splints, braces, belts, and callipers is also recommended. 

2. Another recommendation followed the reduction in GST rate from 12% to 5% on ostomy appliances including barrier cream, irrigator kit, micropore tapes, etc. 

3. A 28% GST on gaming, such as famous popular online games, casinos, and horse races is recommended by the Group of Ministers at the two-day GST Council Meet. 

4. Hotel rooms, which are priced at less than 1000₹ will be taxed at 12% of GST. 

5. An 18% GST rate is to be levied on LED lamps, knives, etc from a 12% earlier rate. 

6. The GST for petroleum goods will see a GST increase of 12%, from 5% on input goods and services to compensate for the recovery of the input tax credit. 

Also Read – What Is Options Trading – Beginners Guide To A New Age Of Investment

The GSTR 4 

In view of the Covid-19 pandemic, the due date for filing GSTR 4 was extended to 30th June 2022. This was done to ease the problem of taxpayers, many of whom were unable to file the annual return in form GSTR-4. 


Apart from the above-mentioned items, several other goods and services such as bank cheques, GST on e-waste, milling machinery for cereal production, etc. will also see a price hike in the coming years, as decided by the 47th GST Council Meet 2022. 

For more related information, visit Finance – Trending Reader

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments
Facts About Delhi Metro Places To Visit In Winters In India Unknown Facts About Dharmendra Realme 10 Pro 5G Series- Specifications and Price Tata Tigor EV List of Foods For Diabetics Hero Vida V1 Records of Virat Kohli Ola S1 Air Best Tablets For Students