The cabinet has approved amendments to the GST Bill on online gaming and casinos and rules related to the sector, as per reports from CNBC Awaaz.
The 51st GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman on August 2, decided that it will make all efforts to amend the current law and bring the implementation into effect by October 1. It would also monitor the progress of the rule and possibly review the 28 percent rate, if necessary, after six months of implementation.
"It (28 percent GST on online gaming & casinos) is expected to be implemented from October 1... It is also decided that this decision will be reviewed after six months after it is implemented. When I say six months it does not mean starting from today, it begins after when it is implemented..." Sitharaman said in a press briefing after the meeting.
She further said that the GST Council, in its previous meeting, had made a unanimous decision to impose a 28 percent GST on all betting, gaming-related activities, casinos, horse racing, and online games.
"It was decided that all of them will be taxed at 28 percent GST at face value." While some states favoured the immediate implementation of the 28 percent GST on the face value of online gaming, others requested a relook, expressing concerns over potential adverse impacts, she said.
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