GST Council to take up recast of Group of Ministers (GoM) on rate rationalisation
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Synopsis
The Goods and Services Tax (GST) Council will meet on October 7 to discuss the reconstitution of the group of ministers on rate rationalization and review the progress made by states in incorporating changes related to the taxation of online gaming in their GST laws. Last month, amendments were made to the Central GST and Integrated GST laws to clarify the 28% levy on bets in online gaming, casinos, and horse race clubs. Offshore e-gaming companies operating in India are now required to register and comply with GST norms.
By ET Bureau
Last Updated:
The Goods and Services Tax (GST) Council will discuss on October 7 the reconstitution of the group of ministers on rate rationalisation, and likely review the progress made by the states in incorporating the recently approved changes with regard to taxation of online gaming in their GST laws.
Last month, the GST Council, chaired by the finance minister and comprising state counterparts, had cleared amendments to Central GST and Integrated GST laws to give clarity on the 28% levy on the full face value of bets in online gaming, casinos and horse race clubs.
The amendments also make registration mandatory for offshore e-gaming companies operating in India.
They also provided for blocking access in case offshore platforms failed to comply with norms regarding GST registration and tax payment. Similar changes were required to be undertaken by the states in their respective SGST laws. While the Centre notified the amendment in the CGST Act, it deferred the earlier October 1 deadline for implementing the amended provisions. - Our Bureau
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The council may also take up inverted duty structure on select items. "The 52nd meeting of the GST Council will be held on October 7, 2023 at Vigyan Bhawan, New Delhi," the GST Council secretariat posted on X.Last month, the GST Council, chaired by the finance minister and comprising state counterparts, had cleared amendments to Central GST and Integrated GST laws to give clarity on the 28% levy on the full face value of bets in online gaming, casinos and horse race clubs.
The amendments also make registration mandatory for offshore e-gaming companies operating in India.
They also provided for blocking access in case offshore platforms failed to comply with norms regarding GST registration and tax payment. Similar changes were required to be undertaken by the states in their respective SGST laws. While the Centre notified the amendment in the CGST Act, it deferred the earlier October 1 deadline for implementing the amended provisions. - Our Bureau
(You can now subscribe to our Economic Times WhatsApp channel)
