Home Business News GST tax on online Gaming may be finalized today

GST tax on online Gaming may be finalized today

GST tax on online Gaming may be finalized today: The Group of Ministers on Online Gaming, Casino, and Horse Racing will meet this afternoon to finalize its report on Goods and Services Tax (GST) taxation.

In its meeting ahead of the GST Council meeting last month, it had proposed to increase the GST by 10 percent to the highest slab rate of 28 percent.

GST tax on online Gaming may be finalized today

However, the 47th GST Council, convened in Chandigarh on June 28 and 29, had decided to give additional time to the GoM to deliberate and prepare its report.

Apart from the consensus on a 28 percent levy on online gaming, it was also decided that the tax would be on the entire face value or wager amount and not on the net amount after deducting the prize money.

Also Read: Gold prices hit a nine-month low, gold reached $1,732.17 an ounce

In the case of casinos, it was decided that the levy should be on the amount paid at the entry point, but not on every betting transaction.

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In the case of horse racing, it is proposed to continue the existing practice of levying 28 percent GST on the entire bet amount.

The Group of Finance Ministers of the state is headed by Meghalaya Chief Minister Conrad Sangma. Finance ministers from Goa, Uttar Pradesh, Gujarat, Tamil Nadu, and Maharashtra and officials from Telangana participated in the meeting.

Also Read: Razorpay says it has got a payment aggregator license from RBI

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