The Parliament on Friday cleared amendments to the Goods and Services Tax laws to facilitate the levy of 28% GST on the face value of all bets made in casinos, horse-racing and online gaming.
Along with amendments to the Central and Integrated GST laws that were cleared without discussion by the Lower House of Parliament, States will also have to make legislative changes to their respective GST Acts for the 28% levy to kick in. The Rajya Sabha returned the Bill to the Lok Sabha by Friday afternoon, paving the way for its enactment.
Finance Minister Nirmala Sitharaman had indicated an October 1 target date to roll out the tax and a assured a review of the levy, that the fast-growing online gaming sector has termed as detrimental for investments and jobs, six months after implementation. The industry remains anxious about the levy’s effects on their prospects, with some online gaming firms announcing lay-offs or closures over the past week.
