Cabinet okays GST changes to betting on online games
By MYBRANDBOOK
The legislative changes that are required to implement the GST Council’s decision to ensure that 28% GST is paid on the full value of amounts deposited by players for betting on online games, casinos and horse races, has been cleared by the Union cabinet, said three people familiar with the development.
The clearance to the bill by the cabinet allows the government to place amendments to Central GST laws in Parliament in the ongoing session, which is on till Friday. This is required to enable even state governments and two Union territories with Assemblies to clear amendments to SGST law in time for the new taxation to be enforced from 1 October.
The GST Council in its 51st meeting decided to accelerate the process of making amendments to the Act so that from October 1, 2023 the changes come into effect. This can only happen once the Centre amends the CGST (including the amendment in Schedule III of CGST Act, 2017), IGST and UT GST laws, and states bring similar changes in SGST Acts.
On August 2, the GST Council cleared the legislative changes needed at central and state levels for ensuring that 28% tax on the full value of bets is paid in these industries. Furthermore, the Council resolved to exempt winnings that are reinvested from being subject to indirect taxation. The new system will be reviewed after a period of six months from its implementation.
In the meeting, the council also decided to require registration of offshore gaming platforms serving Indian consumers and to collect GST from them. Also, offshore online money gaming platforms not complying with this requirement will be blocked.
In a written reply to a Rajya Sabha question on Tuesday, finance minister Nirmala Sitharaman informed the House that it is anticipated that the levy of 28% GST on the full face value of bets, as recommended by the 50th GST Council meeting, will result in the increase of revenue from current levels.
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