Breaking News
1. AI breakthrough in breast cancer detection: New study claims over 17% improvement in screening accuracy      2. Inflows into equity mutual funds jump 14.5% to Rs 41,156 crore in December: AMFI      3. ONGC expects additional revenue of up to $10.3 billion from BP’s intervention in Mumbai High field      4. Pravasi Bharatiya Divas LIVE: India will fulfill world’s demand for skilled talent, says PM Modi      5. India-Taliban talks: Region in flux and 5 reasons behind Delhi’s decision to engage Kabul      6. California wildfire: Burning Los Angeles looks ‘apocalyptic’ in scary visuals      7. Tirupati stampede: Andhra Pradesh government announces ex-gratia of ₹25 lakh to next of kin of deceased      8. Massive fire at Varanasi railway station parking, over 200 vehicles gutted      9. First Sambhal, Then Ajmer: Ex-CJI Chandrachud Under Fire For ‘Opening Floodgates’ Of Survey Pleas      10. Chennai Airport Shut, Trains Hit As Cyclone Fengal Intensifies      11. 2nd Hindu Priest Arrested In Bangladesh Amid Protests: ISKCON Member      12. Man climbs mobile tower in Kota, threatens suicide over his tractor seizure      13. Body of 2-year-old, his grandmother recovered from river in Manipur      14. Bodies of six abducted in Jiribam found; Kerala CM and UDF leaders argue over BJP defection      15. Several flights, trains disrupted as Delhi covered in smog, visibility down      16. Delhi air quality: AQI at this Delhi station above 1500      17. Pawan Kalyan condemns deaths of 2 Hindu girls in Pakistan who faced ‘atrocities’      18. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      19. India not to travel to Pakistan for Champions Trophy, wants its matches in Dubai      20. Samosas, cakes meant for Himachal Pradesh CM Sukhu served to his security staff instead; CID probe on     
  1. Home
  2. News

28 pc tax to be imposed on online gaming, horse racing and casinos by GST Council

  • Posted on July 12, 2023
  • News
  • By Sakshi Nawani
  • 386 Views
Nirmala Sitharaman



In the 50th meeting of the GST Council on Tuesday, Nirmala Sitharaman as Finance minister of India also chairing the council, it was decided to impose 28 pc (per cent) tax on the turnover of online gaming, horse racing and casinos.


No differentiation on the basis of whether the game required skills or based on chance, while imposing the tax. The tax will be levied on the full face value.


GST Council's 50th meeting was held on 11th July, 2023 in Delhi where significant GST imposing decisions were addressed including levy on online gaming, casinos etc.
The 50th meeting of the GST Council on Tuesday, Nirmala Sitharaman as Finance minister of India

The council has decided to bring down tax from 18 pc to 5 pc on uncooked or unfried extruded snack pallets. The same relaxation has been given to fish soluble paste as well. Zari threads imitation rates are also brought down to 5 per cent from 12 per cent.


The minister has also mentioned in the same meeting that cancer fighting drugs and medicines for rare diseases are exempted from levy.


In the 50th meeting of the GST Council on Tuesday, Nirmala Sitharaman as Finance minister of India also chairing the council
GST Council's 50th meeting was held on 11th July, 2023 in Delhi where significant GST imposing decisions were addressed including levy on online gaming, casinos etc.

The council has also decided an exemption for satellite launch services provided by private organizations on GST.


With assurance of compensation for loss of any revenue arising on account of GST implementation for a period of five years to the states, Goods and Services Tax was introduced in the country with effect from 1st July, 2017.


For more updates keep visiting our website www.topstoriesworld.com where we provide unbiased, true, and top stories of the world.

Author
No Image
Sakshi Nawani

You May Also Like