The Central Board of Indirect Taxes and Customs (CBIC) is set to impose 28 percent GST on online gaming, casinos and horse racing from October 1. CBIC Chairman Sanjay Aggarwal gave this information while talking to the media. Let us tell you that in the 51st meeting of GST, it was decided to impose 28 percent GST on online gaming, casino and horse racing.
IANS, New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) is ready for the GST Council’s decision to impose 28 percent tax on online gaming, casino and horse racing. CBIC Chairman Sanjay Aggarwal gave this information today.
Talking to the media, CBIC Chairman said that
We are fully prepared to implement it from October 1. As per the decision taken in the last meeting of the GST Council, the relevant notifications are under process
All states will have to issue ordinance by 30 September
After the recent amendment in GST laws was passed in the Lok Sabha, now it is necessary to take the consensus of all the states. CBIC Chief said that this law will have to be passed by the Legislative Assemblies of all the states and an ordinance will have to be issued by September 30.
28 percent GST will be charged
28 percent GST will be applicable on bets placed in online gaming, face value of chips purchased in casinos and bets placed with bookmakers/totalizers in horse racing.
Many online gaming companies have already been issued notices to pay 28 percent GST instead of the current 18 percent.
The law was passed by voice vote
On August 11, the Lok Sabha had passed amendments to two GST laws by voice vote. These amendments relate to the Integrated Goods and Services Tax (Amendment) Bill, 2023 and the Central Goods and Services Tax (Amendment) Bill, 2023, which aim to introduce 28 per cent GST for online gaming, casinos and horse racing.
The decision was taken in the 51st meeting of GST
The decision to impose 28 percent GST on online gaming, casino and horse racing was taken in the 51st meeting of the GST Council on August 2.
Online gaming companies had protested
Let us tell you that online gaming companies had strongly protested against the decisions of imposing 28 percent GST on online gaming, casino and horse racing and had asked the government to think twice on this issue.
After reconsidering, the government had announced that the decision of 28 percent GST will continue and will be implemented from October 1.
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