Parliament approve the amendments to the Central and Integrated GST laws to levy 28% tax on the full face value of bets in online gaming, casinos and horse race clubs. Rajya Sabha return the two propose legislations to the Lok Sabha with a voice vote without any discussion.
The Lok Sabha earlier in the day approve the two money bills, The Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023.
Union Finance Minister Nirmala Sitharaman introduce the bills in both Houses.
BREAKING NEWS | FM Nirmala Sitharaman introduces Central Goods and Service Tax Amendment Bill in Lok Sabha
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For more news visit https://t.co/98KV4yIruC#2YoDoINDIA #NirmalaSitharaman #CentralGoodsAndServiceTaxAmendmentBill #LokSabha #FinanceMinister #GoodsAndServicesTax #GST pic.twitter.com/U2cKbJ65Qb
Friday was the last day of the Monsoon session of Parliament.
States will now get the amendments pass in the state GST laws in their respective assemblies.
The amendments pertain to the insertion of a provision in the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
The amendment in IGST Act relates to inserting a provision to impose GST liability on online money gaming provide by offshore entities.
Such entities would be require to get GST registration in India.
28% GST on online gaming, casinos: Lok Sabha passes amendments to Central, Integrated GST laws#2YoDoINDIA #GST #IntegratedGSTLaws #GSTLaws #GoodsAndServiceTaxAct #CentralGoodsAndServicesTaxAmendmentBill2023 #IntegratedGoodsAndServicesTaxAmendmentBill2023 pic.twitter.com/I1P0p1ZCiU
— 2YoDoINDIA News Network (@2yodoindia) August 11, 2023
The amendments will also provide for blocking access to online gaming platforms located overseas in case of failure to comply with registration and tax payment provisions.
The amendments to the Central GST (CGST) and Integrated GST (IGST) laws were approve by the GST Council last week.
The council had approve a levy of 28% GST on the full face value of entry-level bets in online gaming, casinos and horse racing.
