GST Council meeting to be held tomorrow; Decision on how to levy 28 percent GST on online gaming, casino
GST Council News: In this meeting, the GST Council will discuss the way to impose GST on online game casinos and horse racing. This meeting will be through video conferencing. It will be headed by Finance Minister Nirmala Sitharaman. In this, GST officers of Central and Governments will also be involved. For this, a draft has also been prepared by the Law Committee.
A meeting may be held under the chairmanship of Finance Minister Nirmala Sitharaman on Wednesday (August 2) regarding the modalities of imposing 28 percent on online gaming and casinos. This meeting will be through video conferencing. Last month, the GST Council approved 28 percent GST on online gaming, casino, and horse racing.
Law Committee, consisting of tax officers from the Central and State Governments. Keeping in mind the decision of the GST Council, a draft of the rules has been prepared on his behalf.
Another new rule has been added by the committee. Under this, the value of the supply of online games will be seen by adding the amount deposited on the gaming platform and the virtual digital asset given by the player.
The Law Committee on Casinos proposed that the supply value would be tokens, chips, coins, and tickets purchased by players.
All India Gaming Federation (AIGF) which represents online gaming companies such as Nazara Tech, Gamescraft, Jupi, and WinZO. Disappointment has been expressed in this decision from his side.
At the same time, a letter has been written to the Finance Minister on behalf of Indian Gamers United, which states that higher taxes will push gamers towards illegal platforms. Where there is no tax, but the risk is high for gamers.
On the question asked in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said that the GST authorities have the capacity to take action against the companies doing such work.