[ad_1]
The Center will introduce amendments to the Central GST Act in the ongoing monsoon session of Parliament, after which states will pass amendments in their respective legislatures to bring about changes in the law by October 1. Finance Minister Sitharaman said, “The assessment can be made on the basis of the amount paid or payable or deposited by the player or by them to the supplier, including the amount recorded in game betting from previous games and betting winnings. Except, not placed on the total value of each bet. The entry (level) is whatever they pay to get the chips, not what they pay in each game.”
Giving an example, he said that if a bet of Rs 1,000 is placed and the player wins Rs 300, then if the player again bets Rs 1,300, then the winning amount will not be subject to GST. The online gaming and casino tax will be reviewed after 6 months or around April 2024 to see if any changes to the rules need to be made.
Briefing reporters after the 51st GST Council meeting here, Finance Minister Nirmala Sitharaman said that for the purpose of levying GST, the value of online gaming and casino supplies will be determined on the basis of the amount paid or deposited with the supplier, which The amount won will be should not be included.
Sitharaman said Delhi’s finance minister opposed taxing online gaming, while Goa and Sikkim wanted the tax to be levied on the gross gaming revenue (GGR) and not the full amount.
However, the finance minister said that other states including Karnataka, Gujarat, Maharashtra and Uttar Pradesh want the decision taken in the previous meeting to be implemented.
note: You can download our app to read breaking news in Punjabi. You can also follow Pro Punjab TV on social media platforms Facebook, Twitter and Instagram.
TV, FACEBOOK, YOUTUBE from First every the news to read for Download do PRO PUNJAB TV APP
APP Download to do for Link ‘on Click do:
Android: https://bit.ly/3VMis0h
[ad_2]
Source link