Tuesday, August 16, 2022
HomeMoney & LoansGST: GoM to finalise report on casinos, online gaming by Aug 10

GST: GoM to finalise report on casinos, online gaming by Aug 10

[ad_1]



The state finance ministers’ panel looking to bring online gaming and casinos under GST failed to reach a consensus on Tuesday and decided to finalise its report by August 10.



Officials said the Group of Ministers (GoM) held a virtual meeting on Tuesday and discussed various methods of taxation of casinos, horse racing and online gaming.


The panel felt that further deliberations were required on the matter and fixed August 10 as the date for finalising its report, the officials added.


The report is likely to be taken up for discussion in the GST Council meeting scheduled to be held in Madurai next month.


Last month, the council, comprising the Centre and state finance ministers, referred back the report that was submitted by the GoM for further discussions.


The GoM, under Meghalaya Chief Minister Conrad Sangma, in its report had highlighted that horse racing, online gaming and casinos are all part of betting and gambling, and 28 per cent GST on gross sales value should be levied.


Further, the GoM recommended that online gaming should be taxed at the full value of the consideration, including the contest entry fee paid by the player for participating in the game.


In the case of racecourses, the GoM had suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers.


Regarding casinos, the GoM had recommended that the tax would be levied on the full face value of the chips/coins purchased from the casino by a player. No further GST would apply to the value of bets placed in each round of betting, including those placed with winnings in previous rounds.


While the GST Council was deliberating the GoM report in its meeting on June 29, Goa Industries Minister Mauvin Godinho highlighted that there was a need for greater detailing and understanding why casinos require a different treatment in taxation compared to horse racing and online gaming.


Subsequently, the GoM was to finalise its report by July 15.


The other state ministers in the eight-member GoM include Uttar Pradesh finance minister Suresh Khanna, Gujarat finance minister Kanubhai Patel, Tamil Nadu finance minister P Thiaga Rajan and Telangana finance minister T Harish Rao.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

mail Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



[ad_2]

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

%d bloggers like this: