GST Council slaps 28% tax on turnover of online gaming firms
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During its 50th meeting held on Tuesday, Goods and Services Tax (GST) Council has decided to impose a 28% indirect tax on the turnover on online gaming companies. The GST Council, comprised of state finance ministers and chaired by Union Finance Minister Nirmala Sitharaman, had earlier formed a panel to look into taxing casinos, horse racing and online gaming.It has not previously been able to decide whether to impose a 28% GST on the face value of bets, or gross gaming revenue, or just on platform fees. West Bengal finance minister Chandrima Bhattacharya said, “GST Council has decided that online gaming, casinos and horse racing will be taxed at 28 per cent at entry point on full face value of bets," she told reporters here.” Sudhir Mungantiwar, Maharashtra forest cultural and f...