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Budget 2023-24: No tax on personal Income up to Rs 7 lakh The Central Board of Indirect Taxes and Customs (CBIC) is prepared to implement the 28 per cent GST (Goods and Services Tax) rate on online gaming, casinos and horse racing from October 1, CBIC chairman Sanjay Agarwal said on Thursday. "We are fully prepared to bring it into effect from October 1. As per the decision taken in the last meeting of the GST council, the related notifications are under process," the CBIC chairman told media persons. This move comes with the consensus of all states and follows the recent passage of amendments to GST laws in the Lok Sabha. "All states need to pass it in their assemblies or issue an ordinance by September 30 to implement 28 per cent GST on online gaming from October 1," Agarwal said. 28% GST On Online Gaming, Casinos & Horse Racing From Oct 1: CBIC chairman Sanjay AgarwalIANS The 28 per cent GST will be applicable on bets placed in the case of online gaming, the face value of the chips purchased in the case of casinos and bets placed with bookmaker/totalisator in the case of horse racing. Many online gaming companies have already been issued notices to pay 28 per cent GST instead of the 18 per cent charged currently. On August 11, the Lok Sabha, during its final session of the monsoon season, passed amendments to two GST laws with a voice vote. These amendments relate to the Integrated Goods and Services Tax (Amendment) Bill, 2023, and the Central Goods and Services Tax (Amendment) Bill, 2023 which aim to introduce a 28 per cent GST for online gaming, casinos, and horse racing. Online GamingIANS This legislative action aligns with the decision made by the Goods and Services Tax (GST) Council during its 51st meeting on August 2. To ensure compliance, the GST Council has recommended inserting specific provisions in the IGST Act, 2017. These provisions include the liability to pay GST on the supply of online money gaming from foreign suppliers to Indian customers, along with measures for blocking access to any related information in case of non-compliance. (With inputs from IANS)

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