GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?
GST on online gaming, casinos and horse racing - What's been recommended?
47th GST Council Meeting: The Day-2 will see deliberations on Group of Ministers (GoM) report on 28 per cent tax on online gaming, casinos and horse racing.
The two-day meeting of the GST Council is being attended by Union Minister of State for Finance Shri @mppchaudhary, besides Finance Ministers of States & UTs and Senior officers from Union Government & States. (2/2)@PIBChandigarh
— Ministry of Finance (@FinMinIndia) June 29, 2022
GST on online gaming, casinos and horse racing - What's been recommended?
-While suggesting a uniform tax rate and valuation method for these activities, the Group of Ministers, headed by Meghalaya Chief Minister Conrad Sangma, said for the purpose of levy of GST, no distinction should be made in these activities merely on the ground that an activity is a game of skill or of chance or both.
ONLINE GAMING
-The GoM has recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating in the game.
RACE COURSES
- In case of race courses, the GoM has suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers.
CASINOS
- In casinos, GoM recommended that the tax would be levied on the full face value of the chips/coins purchased from the casino by a player.
- No further GST would apply on the value of bets placed in each round of betting, including those placed with winnings in previous rounds.
01:27 PM IST