GST Council Meeting: Now food is cheaper in cinema hall, 28% GST will be levied on online gaming, know the main things related to it
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Online gaming stocks will be in focus during Wednesday’s trading session after the 50th GST Council meeting. In one stroke, the council decided to levy 28% GST rate on the full value of online gaming.
The Goods and Services Tax Council has decided to levy 28% GST on full value online gaming, horse racing and casino, Union Finance Minister Nirmala Sitharaman said after the conclusion of the 50th meeting of the Council in New Delhi on Tuesday. There was a discussion whether to levy 28% GST on the face value of the bets, the gross gaming revenue or just the platform fee.
Online gaming stocks will be in focus
Online gaming stocks will be in focus during Wednesday’s trading session after the 50th GST Council meeting. In one stroke, the council decided to levy 28% GST rate on the full value of online gaming.
GST rate reduced on food served in cinema halls
A great news for film lovers, in the 50th meeting of the GST Council chaired by Finance Minister Nirmala Sitharaman, it was decided to reduce the GST rate on food served in cinema halls to 5%. Earlier the GST rate was 18 per cent.
GST Highlights on Online Gaming and Wagering
The Council decided to eliminate the distinction between games of skill and games of chance in the case of online gaming.
Online gaming, casino and horse racing will attract 28% GST rate.
– The tax rate will be charged on the full face value of the bet at the entry point.
– GST law will be amended that these three supplies are not actionable claims like lottery and betting.
Changes will come into effect after amendment in GST law.
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