The online gaming industry has expressed concerns about the impact of the tax on the sector. India is the world’s largest mobile gaming market and the sector is expected to grow by 20% by FY25
The GST Council will meet to approve amendments to the GST law for implementing a 28% tax on online gaming bets.
New Delhi: Federal indirect tax body GST Council will on 2 August meet virtually to clear the changes in the Goods and Services Tax (GST) law needed to implement the decision taken earlier this month regarding the levy of 28% tax on the full value of online gaming bets, a person informed about the development said.
“The Council will deliberate and approve the amendments to GST law in order to implement the decision taken by it in its last meeting to levy GST at the rate of 28% on the face value (of bets) in online gaming, casinos and horse racing,” the person said on condition of anonymity.
There is no going back on the decision to implement 28% tax on the face value of online gaming bets on par with casinos and horse racing, the person explained, adding that the decision was taken by consensus and that states favoured this legislative move.
At the forthcoming meeting next Wednesday, the Council will consider and clear the amendments to be made to the CGST Act and respective state GST laws to give effect to the Council’s decision.
The urgent meeting has been called to clear the fine print of the legislative changes.
Source: livemint.com
****
Don’t miss the next Tax Update / Article / Judicial pronouncement
Subscribe to our newsletter for FREE to stay updated on GST Law
TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
