28 percent GST agreed on online gaming horse racing and casinos

[ad_1]

New Delhi: The Group of Ministers (GoM) has agreed to levy GST at the rate of 28 per cent on online gaming, horse racing and casinos. In such a situation, a decision can be taken on this in the GST Council meeting to be held on 11th July. However, Goa disagrees on the tax rate on online gaming. Goa has suggested an 18 per cent tax on it. According to a senior official, the GST Council meeting will also discuss whether online gaming, horse racing or entire bets placed by players in casinos should be taxed. It will also be discussed whether these three activities fall under the category of actionable claims under betting and gambling.

GST Day: Noida is on top in both giving GST and fraud

these are the members

The GoM, headed by Meghalaya Chief Minister Conrad Sangma, has members from eight states, West Bengal, Uttar Pradesh, Goa, Tamil Nadu, Telangana, Gujarat and Maharashtra. Of the eight states, West Bengal and Uttar Pradesh were of the view that 28 per cent GST should be levied on the full face value of bets placed. However, Gujarat was of the view that 28 per cent tax should be levied on platform fee. Meghalaya was of the view that GGR or platform fee or commission charged by casinos, online gaming and horse racing should be taxed at 28 per cent. It also suggested that a special arrangement to create an ‘escrow account’ for the purpose of crediting the prize money for payment to the winners would ease tax administration.

BIFA’s eye on GST thieves, 1789 companies targeted, cases caught in 3 years with the help of AI tool

GST can be reduced on cancer medicine

Dinutuximab, a privately imported drug used in the treatment of cancer, may get tax exemption in the GST Council meeting on Tuesday. Also, a decision can be taken to reduce GST on food or beverages served in theatres. According to sources, GST exemption may also be discussed regarding satellite launch services provided by private companies. Apart from this, the definition of vehicles useful for levy of 22 per cent cess may also be clarified. According to sources, imports of food for personal use and drugs used in the treatment of rare diseases and for special medical purposes are likely to be exempted from the integrated GST.

Currently, such imports attract an integrated GST of five per cent or 12 per cent. The Fitment Committee has advised the GST Council to clarify these matters in its 50th meeting to be held on 11th July.

Leave a Reply

Your email address will not be published. Required fields are marked *