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GST New Rule: Playing online games will become expensive from October 1, Finance Ministry issued notification
GST New Rule: From October 1, GST at the rate of 28 percent will be levied on online gaming, casino, and horse racing. For this, changes have also been made to the Central GST and IGST Act. The new GST rates will be reviewed after six months i.e. on April 1, 2024. The Finance Ministry has also issued a notification regarding this.
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“GST New Rule: Playing online games will become expensive from October 1, Finance Ministry issued notification”
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en.sangritimes.com
30 Sep 2023
New GST rates will be applicable on online gaming, casino, and horse racing from the first of October. After this people will have to pay more tax than before. Its notification has also been issued by the Finance Ministry.
After negotiations with state governments and all parties regarding the GST rate on online gaming, casinos, and horse racing, the government decided to impose 28 percent GST. For this, changes have also been made to the Central GST Act. After this, the supply will be considered as an actionable claim like a lottery.
Apart from this, amendments have also been made to the IGST Act. For this, it will be necessary for any outside company to register to do business in online gaming, etc. in India.
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