Gaming News

Govt to announce GST online gaming in August: Nirmala Sitharaman

As of now, online gaming in India is mostly tax free. Come August 2022, that will change as the GST council chaired by Finance Minister Nirmala Sitharaman will finalise the tax that the government will levy on online gaming in India. Also Read – Betting and gambling games could attract 28 percent GST, could hamper the growth of online gaming industry in India

Speaking on the sideline of the 47th meeting of the GST Council in India, FM Sitharaman said that the government will finalise the Goods and Service Tax or GST on online gaming in India at the 48th meeting of the council, which will take place in August this year in Madurai. Also Read – Government of India sets up a seven-member committee to regulate online gaming industry

“Following Goa’s request for special treatment for casinos, it was decided that GoM will give one more hearing for online games and horse racing as well; the GoM will submit the report by July 15 and GST Council will hence meet again on this GoM’s agenda in 1st week of August,” the Finance Minister said in a statement, as reported by PTI. Also Read – Petrol, diesel get cheaper: Here’s how much you need to pay now

At the 47th meeting of the GST Council, which was held earlier this week, the Council directed the Group of Ministers on casino, race course and online gaming to re-examine the issues in its terms of reference based on further inputs from States and submit its report by July 15.

“The Council directed that the Group of Ministers on Casino, Race Course and Online Gaming re-examine the issues in its terms of reference based on further inputs from States and submit its report within a short duration,” the GST Council said at the meeting.

Apart from this, the GST Council recommended increasing GST levied on LED lamps, lights and fixtures, and their metal printed circuits boards be increased from the existing 12 percent to 18 percent. At it’s 47th meeting, the GST Council, also clarified that electric vehicles whether or not fitted with a battery pack, are eligible for the concessional GST rate of five percent.

Additionally, speaking at the meeting Revenue Secretary Tarun Bajaj said that the government was working on developing artificial intelligence (AI) and machine learning (ML) capabilities so that the government is able to ensure better compliance with the GST norms.

You may also like

Leave a reply

Your email address will not be published.

More in:Gaming News