According to media sources, Gaming companies have expressed strong criticism towards the GST council’s move saying that it will be catastrophic for the industry.
The Goods and Services Tax (GST) Council, in its 50th meeting on Tuesday (July 11), decided to levy a uniform 28 per cent tax on full face value for online gaming, casinos and horse-racing.
The uniform levy of 28 per cent tax will be applicable on the face value of the chips purchased in the case of casinos, on the full value of the bets placed with bookmaker/totalisator in the case of horse racing, and on the full value of the bets placed in case of online gaming.
Union Finance Minister Nirmala Sitharaman, who heads the GST Council, said the intent was not to end any industry but rather a “moral question” about taxing both gaming at the same rate as other “essential items”
News Source : indianexpress.com
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