Quick Summary
The Union Cabinet has approved the bill to amend the GST rate to 28% on online gaming, casinos, and horse racing in India. The bill will be presented in the ongoing monsoon Parliament Session and is expected to be enforced by October 1. The GST council, in a recent meeting, decided to levy 28% GST on the full face value for the mentioned activities. This decision was met with some concerns and requests for clarity from the online gaming industry, which argued that the new tax could negatively
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FAQ :
The new GST rate for online gaming, casinos, and horse racing in India is 28%.
The bill is expected to be enforced by October 1.
The GST will be levied on the full face value, specifically on the initial deposit amount made by players.
Yes, the online gaming industry has expressed concerns that the new tax could negatively impact their operations.
Yes, the Union Finance Minister has stated that the decision will be revisited after six months of implementation to assess the situation.
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