As of now, online gaming in India is mostly tax free. In August 2022, this will change as the GST Council, chaired by Finance Minister Nirmala Sitharaman, will finalize the tax that the government will levy on online gaming in India.
Speaking on the sidelines of the 47th meeting of the GST Council in India, FM Sitharaman said that the government will finalize the Goods and Services Tax or GST on online gaming in India at the 48th meeting of the council, which will take place this August. year in madurai
“Following Goa’s request for special treatment to casinos, it was decided that GoM will hold another hearing for online games and horse racing as well; The GoM will submit the report by July 15 and the GST Council will meet again in the first week of August on the agenda of this GoM.
In the 47th meeting of the GST Council, which took place earlier this week, the council asked the Group of Ministers on casinos, race courses and online gaming to re-examine the issues in their terms of reference based on further inputs from states and instructed to submit. Report it by July 15
“The Council directed that the Group of Ministers on Casino, Race Course and Online Gaming, based on further inputs from the States, re-examine the issues and submit its report,” the GST Council said in the meeting. ,
In addition, the GST Council recommended raising the GST on LED lamps, lights and fixtures and their metal printed circuit boards to 18 percent from the current 12 percent. In its 47th meeting, the GST Council also clarified whether electric vehicles equipped with battery packs or not are eligible for a concessional GST rate of five per cent.
Additionally, speaking at the meeting, Revenue Secretary Tarun Bajaj said that the government is working on developing artificial intelligence (AI) and machine learning (ML) capabilities so that the government can ensure better compliance with the GST norms.
First appeared on BGR India, says FM Nirmala Sitharaman, after GST on online gaming was finalized in August 2022.