GST Council: The 47th GST Council chaired by Union Finance Minister Nirmala Sitharaman held discussions in Chandigarh and decided on the report of the GoM. This postpones the decision to tax casinos, horse racing, online gaming, and lotteries at a rate of 28 percent. At the same time, decisions have been taken on many other issues in this meeting. Finance Minister Nirmala Sitharaman said that the GST Council has deferred the decision to impose a 28 percent tax on casinos, horse racing, online gaming, and lotteries.
Came to the fore
Reasons for deferring the decision to impose a 28 percent tax on casinos, horse racing, online gaming, and lotteries were cited as requiring further consultation with the parties concerned. Sitharaman said the Group of Ministers (GoM) headed by Meghalaya Chief Minister Conrad Sangma has been asked to reconsider the report of the concerned parties on the evaluation system. It has also been asked to submit its report by July 15.
Meeting in august
The Finance Minister said that the council will meet in the first week of August to consider the issue. The report of the Group of Ministers was considered in the two-day meeting of the Council of Ministers but the decision was deferred. This is because Goa and some other states want to give their own suggestions in this regard. The GoM had recommended the imposition of tax on the entire value of ‘online gaming’. Included in this is the cost for the players to take part in the game.
Such is the suggestion
While it was suggested to levy GST on the basis of the worth of the whole amount at stake in the case of horse racing. The GoM had recommended the imposition of tax on these items at a higher rate of 28 percent. At the same time, Sitharaman said that the GST Council has accepted the recommendations of the GoM on tax exemptions and inverse reforms.
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