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
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TP-LINK INDIA PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
VERSA NETWORKS INDIA PVT. LTD.
SAMSUNG INDIA ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : MUKESH D. AMBANI
Mukesh Dhirubhai Ambani is an Indian businessman and the chairman and ...
Icons Of India : ALOK OHRIE
Alok Ohrie leads Dell Technologies’ India business, overseeing Sales...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
PARTNER SPEAKERS
PSU
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
