GST

The Goods and Service (GST) Tax Council decided to impose 28% GST on online gaming, casinos and horse racing. Hon’ble Group of Minister (GoM) said the tax will be levied on the entire value. They decided at 50th GST Council Meeting on Tuesday. The Union Finance Minister Nirmala Sitharaman decided. She said that there will be an amendment in the GST law to include online gaming. Recently, many online gaming platforms pay 18 percent tax on the commission collected for each game. Those involved in betting or gambling attract 28 per cent GST. For horse racing, GST is levied at 28 per cent on the bet value. Further, she said that the government does not want to destroy any industry, but gaming and gambling should not be taxed lower than necessary goods. She said, So, the moral question was also discussed it does not mean they promoted more than essential industries. Therefore, some gaming companies against the levy of 28% tax on full value. They decided to change other tax that applicable on other goods and services. The Council also decided to lower the service tax levied on food and beverages consumed at cinema halls to 5 per cent from 18 per cent. They reduce Service tax on Food and beverages. It will give relief to people, it will easy for their pocket. 22% Cess on MUV’s but Sedans are not included. GST rate has been increased to 22% (percent) from 22% in MUV, that meet the length engine criteria. Tax will be increase by 2%.  They have also mentioned limits. This is the very latest change that they decided to implemented.