The Central Board of Indirect Taxes and Customs (CBIC) on Thursday said it is fully prepared to implement the clarificatory laws related to uniform GST of 28 per cent on online money gaming, casinos and horse racing from October 1, 2023.
Based on the recommendations of the GST Council and the laws amended by the Centre and many States, tax will be applicable on the face value of the chips purchased in the case of casinos, bets placed with bookmaker/totalisator in the case of horse racing, and bets placed in the case of online gaming. Many online gaming companies have already been issued notices to pay 28 per cent GST instead of the 18 per cent charged currently.
Source a2ztaxcorp
Latest Posts in "India"
- GST Success Hinges on Single Tax Rate, Report Recommends Two Slabs and Capped Peak Rate
- Uncertainty in GST Treatment for Ride-Hailing Platforms: Legal Challenges and Implications
- 56th GST Council meeting is scheduled for September 3rd and 4th, 2025
- Eight States Demand GST Rate Cuts Be Tied to Revenue Guarantee and Consumer Benefits
- CII Urges Corporates to Transfer GST Rate Cut Benefits to Consumers Before Festive Season
