Deposit refunds by casinos, online gaming sites taxable

The finance ministry on Wednesday notified the way deposits made to online gaming platforms and casinos will be treated for tax purposes, clarifying that refunds made to the player will not get any relief on tax. The changes are introduced by amending CGST rules 2017, by way of CGST (Third Amendment) Rules, 2023, which are … Read more

Cabinet okays GST changes to betting on online games

The Union cabinet on Wednesday cleared legislative changes needed to implement the GST Council’s decision to ensure that 28% GST is paid on the full value of amounts deposited by players for betting on online games, casinos and horse races, three people familiar with the development said. The cabinet clearance to the bill enables the … Read more

GST revenues register three-month high in July

India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross ₹1.65 lakh crore in July. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues from the same month last year. Revenues from domestic transactions and services imports grew 15% in July, which … Read more

28% GST on e-gaming, casinos is here to stay

Ruling out any change in the proposed 28% GST on online gaming and casinos, government sources said it is prudent to stick to levying tax on the gross value as any other method comes with complications in businesses that lack transparency. The gaming industry has been seeking a review of last month’s GST Council decision, … Read more

GST collections in March jump 13% to Rs 1.6 lakh crore

India’s monthly goods and services tax (GST) collections hit the second highest ever in March, rising 13% from a year earlier to `1.6 lakh crore, suggesting economic strength despite several headwinds. The total gross collection for FY23 was Rs 18.10 lakh crore, an average Rs 1.51 lakh a month and up 22% from FY22, data … Read more

GST monthly mop-up 2nd highest in July at ₹1.49L crore

GST collections rose 28% to Rs 1. 49 lakh crore in July, making it the second highest monthly collection since the new tax regime kicked in a little over five years ago. The July numbers, which represent transactions in June, were bolstered by buoyant imports with revenues from that segment increasing 48%, compared to a … Read more

Centre, States Have Equal Authority To Legislate On Gst: Supreme Court

The Supreme Court said on May 19 that the GST council’s recommendations were not binding on the Union and states. However, they do have a persuasive value because of the country’s cooperative federal structure. A bench of Justices DY Chandrachud, Surya Kant, and Vikram Nath also stated that the Centre and states had concurrent rights … Read more

GST collections in June slip below ₹1 lakh crore after 8 months

Goods and Services Tax (GST) collections in June fell to ₹92,849 crore from ₹1.02 lakh crore in May, marking the first time after eight months that indirect tax collections fell below the ₹1 lakh crore mark. While lockdowns aimed at curbing the second COVID-19 wave hit economic activity and moderated GST revenues in June, the … Read more