20.1 C
New Delhi
Sunday, November 24, 2024
HomeTechFinMin notifies Oct 1 date for implementing amended GST law provisions for...

FinMin notifies Oct 1 date for implementing amended GST law provisions for e-gaming


The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing. According to the changes to the Central GST Act, these supplies will henceforth be treated as “actionable claims” similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets.


The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay taxes in accordance with domestic law.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
Indian School of Business ISB Digital Transformation Visit
Indian School of Business ISB Applied Business Analytics Visit
Indian School of Business ISB Digital Marketing and Analytics Visit
Indian School of Business ISB Professional Certificate in Digital Marketing Visit

In its meetings in July and August, the GST Council, comprising finance ministers of Centre and states, had approved amendments to the law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent tax on full bet value.

Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council’s decision.

The Finance Ministry has now notified that October 1 will be the appointed date for implementation of these provisions.

The GST Council in its meeting in August had decided that the amended provision to classify these supplies as actionable claims and clarifying the taxation provisions would come into effect from October 1.

Discover the stories of your interest


A review of the implementation was proposed to be carried out after six months, which is April 2024.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.



Source link

- Advertisment -

YOU MAY ALSO LIKE..

Our Archieves