The Goods and Services Tax (GST) Council has asked the Group of Ministers (GoM) to re-deliberate the tax rate on horse racing, online gaming and casinos by July 15, Finance Minister Nirmala Sitharaman said while addressing the media after a two-day meeting.
New Delhi:
The Goods and Services Tax (GST) Council has asked the Group of Ministers (GoM) to re-deliberate the tax rate on horse racing, online gaming and casinos by July 15, Finance Minister Nirmala Sitharaman said while addressing the media after a two-day meeting.
A GoM headed by Meghalaya Chief Minister Conrad Sangma has been asked to consider submissions of stakeholders again on the valuation mechanism and submit its report by July 15, Ms Sitharaman said.
The council will meet again in the first week of August to decide on the issue, she added.
The Council, in its 47th meeting, discussed a proposal to impose highest tax rate of 28 per cent on all activities related to online games, casinos and horse racing, including the contest entry fee paid by the player.
On the first day, the Council chaired by Ms Sitharaman and comprising state counterparts, also discussed to tweak tax rates of some goods and services, including bringing pre-packed and labelled food items under the tax net to check evasion.
GST was introduced on July 1, 2017, and states were assured of compensation for the revenue loss till June 2022, arising on account of the rollout.
Source:ndtv.com