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
