The Parliament of India approved some legislative changes deemed necessary for the implementation of the Goods And Service Tax (GST) on gaming. A 28% tax is to be collected for the full-value deposits that are made by the players on various online gaming platforms, casinos, and horse racing clubs – starting from 1st October.
This approval comes after a decision was first passed by the Council of GST. It was announced at their 50th Council Meeting, by Nirmala Sitharaman (the Union Finance Minister of India).
Both the Rajya Sabha and Lok Sabha approved the Services Tax Amendment Bill (2023), Integrated Goods & Services Tax Amendment Bill (2023), and Central Goods & Service Tax (2023).
While speaking at a press conference earlier this month, the Union Finance Minister also noted that the council of GST is going to come back with a position review six months from the date of 1st October 2023. This just indicates that from the 1st of October, all of the states will have to clear all of the changes to the applicable state GST laws regarding this field, irrespective of the views that they might have on this tax.
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