Wednesday, November 29, 2023

Creating liberating content

HomeBusinessCentre notifies amendments...

Centre notifies amendments in GST laws, to tax 28 pc on online gaming, casinos from today – World News Network

New Delhi [India], October 1 (ANI): The central government has notified the amendments in GST legislation passed by the Lok Sabha in August so as to impose a 28 per cent tax on online gaming, casinos, and horse racing. The amendments will come into effect as was earlier announced — from October 1.
The amendments in the GST acts were made after they were proposed by the GST Council to make way to levy 28 per cent taxes on such items.
On August 11, the Lok Sabha, during its final session of the monsoon season, passed amendments to two Goods and Service Tax (GST) laws with a voice vote and minimal debate. These amendments relate to the Integrated Goods and Services Tax (Amendment) Bill, 2023, and the Central Goods and Services Tax (Amendment) Bill, 2023.
These provisions inserted into the law will deal with the liability to pay GST on the supply of online money gaming from foreign suppliers to Indian customers, along with measures for blocking access to any related information in case of non-compliance.
Finance Minister Nirmala Sitharam had earlier said the move to impose taxes on such items would be reviewed after six months after it was implemented. The time frame for this would start from the time it is implemented, the Finance Minister had clarified.
At a July 11 meeting, the GST Council decided to levy a uniform 28 per cent tax on full face value for online gaming, casinos and horse racing.
A Group of Ministers (GoM) was earlier constituted to look into the issues related to taxation on casinos, horse racing and online gaming. The GoM submitted its first report in June 2022 and it was placed before the GST Council in its 47th GST Council meeting wherein, it was decided that the GoM may relook into all the issues once again.
The GoM submitted its report and it was placed before the recently held 50th GST Council meeting. The GoM, in its second report, recommended that since no consensus could be reached on whether the activities of online gaming, horse racing and casinos should be taxed at 28 per cent on the full-face value of bets placed and left it on the GST Council to decide.
The next meeting of the GST Council will be held on October 7 in New Delhi, though the agenda is not yet known. (ANI)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

Get notified whenever we post something new!


Create a website from scratch

Just drag and drop elements in a page to get started with Newspaper Theme.

Continue reading

Jayesh Saini, chairman of Lifecare Hospitals, felicitated with “Best Emerging Leader 2023” – World News Network

New Delhi [India], November 16: In a momentous celebration of innovation and excellence, Jayesh Saini, the visionary Chairman of Lifecare Hospitals, has been honored with the prestigious "World's Best Emerging Brand for Lifecare" and "Best Emerging Leader" awards from the esteemed WCRCINT at The House of Lords, London.

SundayGrids Unveils Revolutionary ‘Digital Solar’ Platform, Paving the Way for Accessible Clean Energy in India – World News Network

Mumbai (Maharashtra) [India], November 16: SundayGrids, an innovative clean energy company, has launched a groundbreaking 'Digital Solar' service, revolutionizing the way urban India interacts with solar energy. This pioneering platform enables individuals to subscribe to solar power without the need for rooftop panel installations, overcoming one of the most significant barriers to solar adoption in densely populated areas.

Global Fisheries Conference India 2023 to be held in Ahmedabad on Nov 21- 22: Union Minister Rupala – World News Network

The curtain raiser event of the Global Fisheries Conference India 2023 Union Minister Parshottam Rupala said, "The Indian Fisheries Sector has shown a growth of in fish production, export, aquaculture that is the cumulative result of efforts from Centre, States/UTs and beneficiaries in all fields particularly Inland Fisheries that makes up for more than 70 per cent of the fish production".

Enjoy exclusive access to all of our content

Get an online subscription and you can unlock any article you come across.