Parliament Passes Amendments to Levy 28% GST Tax on Online Gaming FM Sitharaman had previously stated that the council was keen on getting the bill rolled out to levy tax from October 1.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
On Friday, the Parliament passed the bill to exercise a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.
Earlier in the day, Finance Minister Nirmala Sitharaman introduced two new bills at both houses- the Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023.
The passed amendments will be integrated into the two new bills. The two bills were passed by the Lower House by a voice vote without a debate. The Rajya Sabha returned the two proposed legislations to the Lok Sabha with a voice vote as well.
The amendments to the Central GST (CGST) and Integrated GST (IGST) laws were approved by the GST Council last week.
The Group of Ministers (GoM) met for the 50th GST Council Meeting last month and announced their decision of a 28 per cent tax on online gaming, horse racing and casinos. The tax will be applicable for both skill and chance-based games.
The decision was criticized by the industry players and experts.
FM Sitharaman had previously stated that the council was keen on getting the bill rolled out to levy tax from October 1. "It (28% GST on online gaming & casinos) is expected to be implemented from 1st October... It is also decided that this decision will be reviewed after six months after it is implemented. When I say six months it does not mean starting from today, it begins after when it is implemented", said Sitharaman earlier last week.
The states will now get the amendments passed in the state GST laws in their respective assemblies.
