The GST Council has decided to impose a 28% tax on online gaming, horse racing, and casinos. Cancer fighting drugs and medicines for rare diseases are exempted from GST tax
The GST Council has decided to impose a 28% tax on online gaming, horse racing, and casinos. Cancer fighting drugs and medicines for rare diseases are exempted from GST tax
PremiumThe all-powerful Goods and Services Tax (GST) Council on Tuesday decided to impose a 28% tax on the turnover of online gaming companies, horse racing and casinos, finance minister Nirmala Sitharaman said.
The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.
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Union finance minister Nirmala Sitharaman said presently the definition of an SUV for levy of cess includes four parameters -- should be popularly known as SUV, should be of length of 4 meters or above and engine capacity of 1,500 cc and above, and unladed ground clearance of minimum 170 mm.
It has been decided to amend the entry 52B in compensation cess notification to include all utility vehicles by whatever name called provided they meet the parameters of Length exceeding 4000 mm, Engine capacity exceeding 1500 cc and having Ground Clearance of 170 mm & above and to clarify by way of explanation that 'Ground clearance' means Ground Clearance in un-laden condition.
Now, the SUV definition will include only the length (4 meters and above), engine capacity (1,500 cc and more), and ground clearance (unladed clearance of 170 mm and more), she said.