The Group of Ministers (GoM) on online gaming, casinos and horse racing will be meeting today in the afternoon to finalise their report on goods and services tax (GST) taxation.
The group of ministers in their meeting last month, before the GST Council meeting, had proposed that the GST be hiked by 10 per cent to the highest slab rate of 28 per cent.
However, the 47th GST Council that convened in Chandigarh on June 28 and 29, decided to give additional time for the GoM to deliberate and prepare its report.
Besides the consensus on the 28 per cent levy on online gaming, it was also decided that the tax will be on the entire face value or bet amount and not on the net amount after deducting the prize money.
In the case of casinos, it was decided that the levy should be on the amount paid at the entry point – that is while purchasing chips, but not on every betting transaction.
In the case of horse racing, the existing practice of levying 28 per cent GST on the entire bet amount is proposed to be continued.
The state finance ministers group is headed by Conrad Sangma, Chief Minister of Meghalaya. The meeting was attended by finance ministers from Goa, Uttar Pradesh, Gujarat, Tamil Nadu and Maharashtra, and officers from Telangana.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today