New Delhi- Parliament on Friday approved the amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.
The Rajya Sabha returned the two proposed legislations to the Lok Sabha with a voice vote without any discussion. The Lok Sabha earlier in the day approved 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 introduced the bills in both the Houses.
Friday was the last day of the Monsoon session of Parliament.
States will now get the amendments passed in the state GST laws in their respective assemblies.
The amendments pertain to 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 provided by offshore entities. Such entities would be required to get GST registration in India.
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 approved by the GST Council last week.
The council had approved levy of 28 per cent GST on full face value of entry level bets in online gaming, casinos and horse racing.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.