Breaking News: Amendments have been now made in the GST law provisions for taking e-games. Not just on e-games, but Amendments have been also made to GST law provisions for casino and horse racing. This has occurred from 1st October 2023, Sunday. This act is going to be subject to a total of 28% Goods and Services Tax (GST). This is one of the most shocking news in India right now. Now all these supplies are going to be actionable claims that are clearly similar to betting, gambling, and lottery. To know more about this read this entire article.
Now there a going to be Amendments in the GST law provisions on casinos, e-games, and horse racing. This is clearly an actionable claim. And now it is going to be the value of 28% Goods and Service Tax (GST) on the full face value of bets from now onwards. Amendments are compulsory for offshore online gaming platforms that are registered in India and now everybody has to pay tax as per the domestic laws according to the Amendments to the Integrated GST (IGST) Act. People are really shocked after listening to this news and now some are happy and some or not happy with this new law. Continue reading to know more.
There was a meeting held in July and August in which the GST Council compromised the finance mister of the Centre and States. And now been approved amendments for the law which officially include casinos, horse riding, and games according to the taxable actionable claims. It has been clarified it took almost 28% tax on the entire bet value. In the last month, the parliament officially passed the Amendments for the Central GST and also Integrated GST laws which has given the effect for the Council decision. Scroll down to know more.
Some people on Twitter (X) are claiming that this decision is really smart and good as this is really important. In August, the GST Council decided in a meeting that the amended provision is going to show all the supplies that are now actionable claims and they also have to prove the taxation provisions that will be going to be in effect. All these have been started from today. In April 2023, there is going to be an official review of the implementation going to be done which means almost six months from now. Further updates will be going to be shared very soon.