[ad_1]
Finance Minister Nirmala Sitharaman today introduced bills to amend the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.
The Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023, were introduced by Sitharaman in the Lok Sabha amid opposition protests over suspension of Congress leader Adhir Ranjan Chowdhury from the House.
Friday is the last day of the monsoon session of Parliament. Once the amendments to CGST and IGST laws are passed, states will get similar amendments in state GST law cleared by the respective assemblies.
The amendments pertain to insertion of a provision in the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
The amendment in IGST Act relates to inserting a provision to impose GST liability on online money gaming provided by offshore entities. Such entities would be required to get GST registration in India.
The amendments will also provide for blocking access to online gaming platforms located overseas in case of failure to comply with registration and tax payment provisions.
The amendments to the Central GST (CGST) and Integrated GST (IGST) laws were approved by the GST Council last week.
The council had approved levy of 28 per cent GST on full face value of entry level bets in online gaming, casinos and horse racing.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
[ad_2]
