GST : GST Council Has Agreed To Levy 28% GST On Online Gaming, Horse Racing And Casino

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GST Council Meeting: Important decisions have been taken in the GST Council meeting. The 50th meeting of the GST Council was held in New Delhi on Tuesday. Finance Minister Nirmala Sitharaman presided over this meeting. Sitharaman informed the decisions taken in the meeting by holding a press briefing on Tuesday evening. The GST Council has agreed to levy 28 percent GST on the full value of online gaming, horse racing and casinos. Also, eating in the cinema hall will also be cheaper now.

The GST Council has decided to reduce GST on food and drink items in cinema halls. The GST Council has reduced the tax on food served in cinema halls to 5%. Apart from this, IGST will no longer be applicable on imported cancer drugs. The GST Council meeting also approved the formation of GST Tribunal.

Food now cheaper in cinema halls

If you are a movie buff, there is a good news for you. A major decision has been taken in the 50th meeting of the GST Council. The GST rate on food served in cinema halls has been reduced to 5%. Earlier it was 18 percent.

This will focus on online gaming stocks

The GST Council’s decision will increase the focus on online gaming stocks in Wednesday’s session. The GST Council has given a jolt to online gaming. The council has decided to levy 28 percent GST on the full value of online gaming. Rekha Jhunjhunwala-backed Nazara Technologies, Zensor Technologies, Delta Corp, OnMobile Global, Tech Mahindra, TCS and Infosys are currently among the top gaming stocks.

And there was an uproar

As soon as the GST Council meeting began, many states came into opposition on one issue. Various states with opposition governments expressed concern over a decision in the meeting. In this decision, ED has been allowed to share information with GST Network (GSTN). Calling it ‘tax terrorism’, Punjab’s Aam Aadmi Party government’s Finance Minister Harpal Singh Cheema said that small traders are scared of it.

This research was done

The Ministry of Finance through a notification has amended the Prevention of Money Laundering Act (PMLA), 2022. Under this, GSTN, which handles the technology arm of GST, has been included in the list of entities with which ED can share information.

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