21/05/2022
๐พ๐๐ฃ๐ฉ๐ง๐ ๐ก๐๐ ๐๐ก๐ฎ ๐ฉ๐ค ๐๐ข๐ฅ๐ค๐จ๐ 28% ๐๐๐ ๐ค๐ฃ ๐ค๐ฃ๐ก๐๐ฃ๐ ๐๐๐ข๐๐ฃ๐
NEW DELHI: A group of minis ters (GoM) has found merit in imposing 28% Goods and Servi ces Tax (GST) on online gaming to bring it at par with levies on casinos, race courses and gam bling, but are yet to formally submit its report to the GST Council, the final decision-mak ing body, two people aware of the development said.
The GoM, which is yet to finalise its formal report, is expected to submit its recom mendations to the Union: finance ministry this week, these people said, asking not to be named. An eight-member panel, headed by Meghalaya chief minister Conrad Sangma, is examining the taxation struc ture of casinos, race courses and online gaming.
"The Group of Ministers (GoM) on casinos, race courses & online gaming has come to a consensus. The report of our submissions will be handed over to Hon'ble FM, Smti. - tharaman Ji in a day or two & the matter will be presented in the next Council Meet- ing," the GoM head tweeted on Wednesday. Union finance min- ister Nirmala Sitharaman is the chairperson of the GST Council. The ministry did not respond to could be extended to cryptocur a query on this matter.
According to the Council's website, the GST on services, such as services by way of admission to entertainment events or access to amusement facilities including exhibition of cinematograph films, theme. parks, water parks, joy rides, merry-go rounds, go-carting, casinos, race-course, ballet, any sporting event such as India Premier League, and the like attract 28% GST. Similarly, ser vices provided by a race club by way of totalisator or a license to bookmaker in such club and gambling are also put on the top slab of 28%.
One of the persons cited above said the GoM will plug all legal loopholes and bring more clarity on taxing these items such as tax rate, the value on which GST will be applicable and tax on the winning amount. Besides, the same template rencies, which attracts 18% GST.. HT on May 9 reported that the government may expand the indirect tax net over cryptocur rencies to cover the entire gamut of activities, including their usage for exchanging goods and services, at the high est slab of 28% as many parlia mentarians have demanded to treat them at par with lotteries and gambling.