The Central Government has made a significant GST decision. The 50th meeting of the GST Council took place today, where FM Nirmala Sitharaman, the finance minister, covered a wide range of topics. Pankaj Chaudhary, the minister of state for finance, was among the numerous attendees at this meeting. A significant decision on the imposition of GST on online gaming has just been made at the GST’s 50th meeting.
GST of 28% will be applied.
The GST Council has voted to impose a 28% tax on the whole sum wagered on internet gaming, casino games, and horse racing. Information regarding this choice made at the GST Council meeting held in this location has been provided by West Bengal Finance Minister Chandrima Bhattacharya. The sum will be subject to GST at the time of wagering.
He stated, “The GST Council has decided that the entire amount at the time of betting in online gaming, casinos, and horse racing will be taxed at the rate of 28 percent.”
The GST law is going to change.
In order to ensure that internet gaming, casinos, and horse racing are not viewed as eligible for action like gambling and betting, he stated that the appropriate amendments will be made to the GST law. In relation to cancer therapy, this choice was made.
According to the Finance Minister, the council also voted to exempt dinutuximab, a medicine used in the treatment of cancer, and special medicinal foods (FSMP), which are used in the treatment of rare diseases.
The GST Council has decided not to accept
the idea of separating between games of skill and games of luck in the context of online gaming, according to Sudhir Mungantiwar, the minister of forests and fisheries for Maharashtra. According to him, only the total amount wagered on these three games will be taxed at a rate of 28%. In addition, the GST Council gave its approval to the plan to establish appellate tribunals. On meals sold in movie theatres, there will be a 5% tax only. In addition, the GST Council resolved at its meeting to lower the GST rate on meals sold in movie theatres. The GST rate on food items sold in movie theatres was previously 18%, however, it has been announced that it would now be reduced to 5%. Today’s GST Council meeting also accepted this choice.
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