Quick Summary
The Lok Sabha passed two bills on Friday to amend the Goods and Services Tax (GST) laws to levy a 28% tax on online gaming, casinos, and race clubs. The bills were introduced by Finance Minister Nirmala Sitharaman in the lower house of Parliament. The Central Goods and Services Tax (Amendment) Bill, 2023, and the Integrated Goods and Services Tax (Amendment) Bill, 2023, will come into effect from October 1, 2023. The 28% tax will be levied on the full face value of bets placed on online ga
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FAQ :
A 28% Goods and Services Tax (GST) will be levied on online gaming, casinos, and race clubs.
The new tax will come into effect from October 1, 2023.
The tax will be levied on the full face value of the bets placed on online gaming, casinos, and race clubs.
The government has stated that the tax revenue will be used to fund social welfare schemes and to help regulate the online gaming industry and prevent money laundering.
Reactions from the industry are mixed. Some welcome the clarity and transparency it may bring, while others are concerned that the high tax rate could discourage people from playing online games.
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