GST Council to discuss valuation norms for 28 % levy on online gaming, casinos, horse racing on July 11
The GST Council is likely to discuss the recommendations of a group of state finance ministers regarding levy of 28 per cent tax on online gaming, casinos and horse racing, in its 50th meeting next week.
The GST Council is likely to discuss the recommendations of a group of state finance ministers regarding levy of 28 per cent tax on online gaming, casinos and horse racing, in its 50th meeting next week.
The council is also likely to thrash out a consensus on whether the tax would be levied on the full value of bets placed or on the Gross Gaming Revenue (GGR).
Sources said the report of the GoM, convened by Meghalaya Chief Minister Conrad Sangma, has been circulated to the states and a threadbare discussion is likely in the council meeting on July 11. The GoM members were unanimous on 28 per cent GST to be levied on these activities.
However, since no consensus could be reached on whether the tax should be levied on the full face value of bets placed or the GGR, which is the fees charged by online gaming portals, the GoM left the decision on the GST Council, sources said.
In December, the GoM submitted its report to Union Finance Minister Nirmala Sitharaman.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
80% return in one year: Brokerage suggests buying this Maharatna PSU stock for 2-3 days, check target
Lok Sabha elections 2024 Phase 4: Voting date, timing, states, union territories, seats, key candidates and constituencies | LS Polls
5 investment schemes that provide monthly pension to senior citizens fixed deposit fds savings scss guaranteed return atal pension yojana post office monthly income swps mutual fund
HPCL dividend 2024: OMC Hindustan Petroleum Corporation announces Rs 16.50 dividend, check record date
09:49 AM IST