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.
BREAKING NEWS
TECHNO TRENDS
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Check Point takes pride in providing customers with the best c
Check Point has categorized its 80 products and technologies into four main
A few changes in policies can make the PLI scheme even more ef
The Production Linked Incentive (PLI) scheme is a government initiative tha
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
MATRIX COMSEC PVT. LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
ACER INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SANDIP PATEL
Sandip Patel is the Managing Director for IBM India & South Asia regio...
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
VIDEOS
Top 25 Brands
Value-Added Distribution
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
