Parliament has passed a bill to levy 28 percent GST on online gaming platforms in the country. It will be implemented as soon as its notification is issued and now the government has started preparations to implement this system. According to the new amended law, from now on online money gaming, casino and horse racing in the country will have to pay GST on the entry level face value.
In the proposed law, work has been done to remove the difference between online gaming and online money gaming. Along with this, care has also been taken that if any online money gaming company is operating from outside the country, then it should not be able to evade tax.
Registration of foreign companies is mandatory
Finance Minister Nirmala Sitharaman got this bill passed in Parliament on Friday. It is clearly stated in this that if the suppliers of any online money gaming company are out of the country, then it will be mandatory for them to get one time registration done in India. A simple plan will be brought for this. If companies fail to register and pay taxes, they will be blocked from further transmitting or hosting information generated on any computer resource within the country.
If the supplier providing such service does not have physical presence in India, or does not have any representative. Then they have to appoint a person, who will pay Integrated GST on the GST platform on their behalf.
These amended laws
The government has passed the 'Central Goods and Services Tax (Amendment) Bill-2023' and the 'Integrated Goods and Services Tax (Amendment) Bill-2023' from the Parliament by bringing a money bill. These bills have been brought in accordance with the decision taken in the recent meeting of the GAT Council. The new tax rates in the country will come into effect from 1 October 2023.
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