Black Friday Sale! 50% Off All Access

GST Council Is Likely To Meet On August 2 To Discuss Rules The amendment in GST law and rules as per decision taken by Council in the previous meeting will be put up to Council for approval

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

The Goods and Services Tax (GST) Council is likely to meet on August 2 to discuss the issues over the rules related to implementation of 28% GST on horse racing, online gaming and casinos.

Council is not likely to rethink the decision to impose 28% GST on the full value of those activities. "The discussions will be around procedural issues and amendments in the GST law that have to be approved by the GST Council. Also, there will be no roll back of the decision, according to media reports citing close sources of the matter.

The amendment in GST law and rules as per decision taken by Council in the previous meeting will be put up to Council for approval. The earlier decision was only in principle. Additionally, the legal amendment will provide specific details about the rate, the methodology of the face value on which the 28% GST rate would be levied for online gaming, casinos and horse racing, added the source.

The GST Council had decided to impose 28% GST on online gaming, horse racing and casinos on the full face value in its meeting on July 11. To bring this into effect, section 3 of the GST Act needs to be amended to bring online gaming and horse racing as taxable actionable claims. The government is keen on introducing the amendments in the ongoing Monsoon session of Parliament that is on till August 11, stated the reports.

While the government has maintained that this decision is not intended to harm any industry, online gaming companies have raised concerns about the impact of this move on the industry.

Earlier this month, top global and domestic investors including Tiger Global, Peak XV (formerly Sequoia Capital India) and Steadview Capital reportedly wrote to the Prime Minister, seeking to review the 28% GST on online gaming. They said that the decision will adversely impact $4 billion in prospective investments in the sector.

The Ministry of Electronics and Information Technology (MeitY) may also take up the issue with the GST Council and ask for a possible review.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

Ventive Hospitality Limited Receives SEBI Nod for INR 2,000 Cr IPO

The IPO is managed by a syndicate of top-tier book-running lead managers, including JM Financial, Axis Capital, HSBC Securities, ICICI Securities, IIFL Securities, Kotak Mahindra Capital, and SBI Capital Markets.

Franchise

You Can Start These 10 Franchises for $10,000 or Less

Many budget-friendly franchise opportunities are in industries with high demand, such as home services, cleaning or mobile businesses.

Franchise

The Top 10 Burger Franchises in 2024

Taste the sizzle success with the best burger franchises, according to the 2024 Franchise 500 Ranking.

Growing a Business

5 Reasons Why 2025 Will Be Your Most Amazing Year Yet as an Entrepreneur

2025 is set to be a pivotal year for entrepreneurs, driven by a combination of favorable economic, political and market conditions.

Business Solutions

The Tools Every Entrepreneur Needs and No Subscriptions Required for Cyber Monday

Lifetime access to Microsoft Office 2019, tailored for entrepreneurs on Mac or Windows.

Business Solutions

Need Photoshop? Think Again. Meet Its Simpler, AI-Powered Sibling.

No learning curve, just a quick way to get your work done.