New Delhi: While all eyes were on the expansion of the GST compensation mechanism for states and the highest tax rate of 28 per cent on online gaming, casinos and horse racing, a report by the Group of Ministers (GoM) on online gaming, casinos, horse racing was postponed. GoM will now submit suggestions on regulations in 15 days
GOMMeghalaya Chief Minister Conrad Sangma, had recommended that online gaming should be taxed on the full value of consideration, including competition entry fees paid by the player for participating in the game.
The above two topics were scheduled for discussion on the second day gst council meeting Which started yesterday in the national capital.
In the case of Race Course, the GoM has suggested that GST be levied on the full value of bets deposited in the totalizers and kept with the bookies. In casinos, the GOM recommends that the full face value of chips/coins purchased by a player from the casino be taxed. No further GST will be applicable on the value of bets placed in each round of betting, including bets placed against winnings in the previous round.
On the first day, the 47th GST Council, chaired by Union Finance Minister Nirmala Sitharaman and chaired by state counterparts, decided to change the tax rates of certain goods and services, including pre-packaged and labeled food items, to prevent evasion. Bringing substances into the tax net. In addition, several procedural and legal changes were also discussed, including monthly GST return forms, and mechanisms to deal with high-risk taxpayers, PTI reported.
With PTI inputs