There’s important news about GST applied to online gaming. A notification about GST on online gaming has been released.
Starting from tomorrow, which is October 1st, there will be a 28% GST rate on online gaming.
This tax will be charged on the entire amount wagered in online gaming.
On the previous Thursday, Chairman Sanjay Kumar Aggarwal from the Central Board of Indirect Taxes and Customs (CBIC) stated that a 28 percent GST will be imposed on online gaming starting from October 1.
Aggarwal mentioned that all preparations for its implementation have been completed.
He explained that this decision was made during the last meeting of the GST Council, and now the relevant notifications have been issued.
When was the announcement made?
Actually, in the beginning of last month, Finance Minister Nirmala Sitharaman had shared news about a 28% GST on online gaming.
After the 51st GST Council meeting, she mentioned that starting from October 1, a 28 percent tax would be applied to the full face value of bets made in online gaming.
However, gaming companies had requested the GST Council to delay this decision.
The next meeting is scheduled for October 7
The upcoming GST Council meeting is scheduled for October 7 at Vigyan Bhawan in New Delhi.
This meeting, chaired by Union Finance Minister Nirmala Sitharaman, is expected to address several important matters.
The previous 51st GST Council meeting took place on August 2, where decisions were made regarding GST rates for casino activities, horse racing, and online gaming.
A 28 percent GST rate was established for these three items, and state finance ministers also participated in the GST Council meeting.
