Kopar Khairane
Buisness

The government informs casinos and online gambling portals of changes to the GST legislation regarding deposit refunds

<p>The government has announced changes to the GST legislation regarding the tax calculation technique that online gambling operators and casinos must use.<img decoding=”async” class=”alignnone wp-image-165492″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-download-2023-09-07t182536.371-11zon.jpg” alt=”theindiaprint.com download 2023 09 07t182536.371 11zon” width=”1008″ height=”671″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-download-2023-09-07t182536.371-11zon.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-download-2023-09-07t182536.371-11zon-150×100.jpg 150w” sizes=”(max-width: 1008px) 100vw, 1008px” title=”The government informs casinos and online gambling portals of changes to the GST legislation regarding deposit refunds 15″></p>
<p>According to the GST Council’s resolution from its meeting on August 2, the Finance Ministry announced on September 6 the changes to the Central GST Law for determining value of supply in cases of online gambling and casinos.</p>
<p>The announcement made it clear that profits from any player will continue to be tax-neutral since only the first step of the tax is collected.</p>
<p>The modifications were made as part of updates to the Central Goods and Services Tax (CGST) regulations of 2017, which were modified in the CGST (Third Amendment) rules of 2023.</p>
<p>This implies that any money returned or reimbursed by the casino or gaming portal should not be deducted from the value of the supply of online real-money gaming, and the whole amount placed with a platform or online gaming service must be deemed taxable sales value.</p>
<p>Simply said, tax will be applied on the whole amount after a certain amount is placed with the platform, regardless of the portion of the deposit that is subsequently refunded to the player.</p>
<p> </p>

Related posts

Chandrayaan-3: ISRO Will Try To Resurrect Pragyaan Rover And Vikram Lander At Lunar Sunrise

Mera Bill Mera Adhikar Scheme for GST Invoicing Going to Change the Game?

Another hit of inflation! Tomato prices skyrocketed, know what is the rate at your place