GST Council Meet: Announcing the major decisions taken in its 50th meeting on Tuesday, the Goods and Services Tax Council said that 28% GST will be imposed on online gaming, horse race and casino.
The Finance Minister of West Bengal said that the GST Council has agreed to levy 28 percent GST on all three types of sports. Apart from this, consensus has been reached in the GST Council on many other issues as well.
Online gaming has been brought under the ambit of GST law in the GST Council meeting held at Vigyan Bhawan, Delhi. Finance Minister of West Bengal said that 28% GST will be imposed on online gaming, horse race and casino. Till now 18 percent GST rate was applicable, which has been increased by 10 percent. Earlier, in the last meeting of the Group of Ministers, there was a broad agreement on taxation on all three activities, which has been passed in the GST Council.
A group of top online gaming firms has urged the Central Board of Indirect Taxes and Customs (CBIC) through the FICCI gaming committee not to increase the GST rate for the sector from 18% to 28%. The companies said that this would be extremely harmful for the existence of the online gaming industry. Because no business operation can survive with such high taxation.
GST Council agreed on these matters
- It was also agreed in the GST meeting that imported medicine for cancer will be kept out of the purview of IGST.
- It was agreed to cut the GST rate on food and drink items in cinema halls.
- The council has also agreed on giving GST share to the consumer state on the registration of vehicles.
- The Central Board of Indirect Taxes and Customs (CBIC) said that in the investigation it was found that 25 percent GST accounts do not exist or have disappeared after tax evasion of 15 thousand crores.
