Key Points
Finance minister Nirmala Sitharaman on Tuesday said the valuation rules for levying 28% goods and services tax (GST) on entry level bets on online gaming platforms are prospective in effect...
So, I hope there is no confusion on that," Sitharaman said in the Lok Sabha during discussion on the CGST (Second Amendment) Bill...
In August, the GST Council had clarified that 28% GST is applicable on online gaming and the GST will be levied on entry-level bets on online gaming platforms and not on what players pay in each game from the winning amount..
The Lok Sabha on Tuesday passed a Bill that seeks to give immediate effect to the changes in customs and excise duties announced in the Budget, aimed at curbing speculative activities following changes in customs and excise duties in the Budget...
Moving the Bill for passage, Sitharaman said the Provisional Collection of Taxes Bill, 2023 seeks to obtain the authority from Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days..
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