Online Gaming GST: In the GST Council meeting, Union Finance Minister Nirmala Sitharaman said that within 6 months of imposition of GST on online gaming, casinos etc., the government’s treasury has been filled with tax money.
Online Gaming: In the 54th GST Council (GST Council) meeting on Monday, Union Finance Minister Nirmala Sitharaman said that the government has earned huge profits by imposing GST on online gaming. She said that the Central Government has imposed 28 per cent GST on online gaming platforms from October 1, 2023. Since then, there has been an increase of 412 percent in GST collection in just 6 months.
Big earnings from online gaming, casinos and horse racing in GST
Union Finance Minister Nirmala Sitharaman, while giving information about the amount of GST collection to the media in the GST Council meeting on Monday, said that within 6 months of imposition of GST on online gaming, casinos etc., the government’s revenue increased to Rs 6909 crore in just 6 months. Earlier this revenue figure was 1349 crore rupees, from there this figure has increased by 412 percent.
The difference between games of skill and games of chance has been removed
Before October 1, 2023, most online gaming companies were not paying 28 percent GST to the government. It was argued in favor of the companies that there is no separate taxation between games of skill and games of chance. That’s when the central government made this new GST clause. Finance Minister Nirmala Sitharaman said that in just six months, the amount of revenue from casinos increased by 30 percent from 164.6 crore taka to 214 crore rupees.
The 54th meeting of the GST Council was held on Monday 9 September under the chairmanship of Finance Minister Nirmala Sitharaman. From now on, 5% GST will be levied on cancer medicines instead of 12%. Apart from this, no decision has been taken yet by the GST council on whether GST will be reduced on health insurance and life insurance premium or not. The GST Council on Monday reduced GST on helicopter services for pilgrimage to 5 percent. But this benefit will be available only to those who want to avail the sharing helicopter service.
