An empowered group of ministers (GoM) set up to look into taxation of online gaming, casinos, and races- has unanimously proposed a flat 28 per cent goods and services tax (GST) on these activities.
The panel of ministers, which met on Wednesday, also decided that the tax will be levied on the entire "face value" or "bet amount" and not on the total transaction value. Total transaction value includes the prize money or the net commissions (revenues) that accrue to gaming firms.
The proposed move to levy tax on the face value will not affect state revenues as these activities are banned in the state, one of the panel members told Business Standard. He added that a consensus was reached to levy tax at 28 per cent on all kinds of online gaming. "A detailed report based on the proposal will be submitted to the GST Council by the end of this week," people who attended the meeting said. The report is likely to be taken up by the GST Council in its meeting expected later this month or early next month.
This story is from the May 19, 2022 edition of Business Standard.
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This story is from the May 19, 2022 edition of Business Standard.
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