Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) is gearing up to implement clarificatory laws related to a uniform Goods and Services Tax (GST) rate of 28 percent on online money gaming, casinos, and horse racing starting from October 1, 2023. This decision is based on the recommendations of the GST Council and legislative amendments made by both the Central government and various states. Heres a summary of the key points Taxation Scope The 28 percent GST rate will apply to s
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FAQ :
The 28% GST is set to be implemented from October 1, 2023.
For casinos, the tax will be calculated based on the face value of the chips purchased.
The tax will be levied on bets placed with bookmakers or totalisators for horse racing.
No, the CBIC has reiterated that the clarificatory laws will not have retrospective effect.
All states are required to pass the necessary legislation or ordinances to align with these changes by September 30, 2023.
Yes, a review of the implementation will take place six months after the changes go into effect.
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