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GoM finalises 28% GST on online gaming's entire face value or bet amount

GoM finalises 28% GST on online gaming's entire face value or bet amount

The GST Council’s Group of Ministers will submit the report in the first week of August.

Business Today Desk
Business Today Desk
  • Updated Jul 25, 2022 6:05 PM IST
GoM finalises 28% GST on online gaming's entire face value or bet amountThe GoM will submit the report to GST Council in the first week of August. (Representative image)

The Goods and Services Tax (GST) Council's Group of Ministers (GoM), on Monday, finalised a 28 per cent GST on the entire face value or bet amount on gross gaming revenue from casinos and online gaming, according to the sources.

Moreover, the GoM, which is headed by the Meghalaya Chief Minister Conrad Sangma have also decided to not impose any GST on the net amount after removing prize money.
 
The GoM will submit the report to GST Council in the first week of August.

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Business Today Desk
Business Today Desk

Business Today brings you the latest news, views and analysis from the world of finance, economy, markets, corporates, startups, tech, and the digital economy. You can find everything from breaking news to deep dives to immersive essays and more on a variety of subjects across all formats - online, magazine, television, data visualisation, et al.

Published on: Jul 25, 2022 4:47 PM IST