TN Finance Minister expresses concern over proposed amendments to GST Act for levy on online gaming

Tamil Nadu Finance Minister Thangam Thennarasu on Wednesday expressed concern over draft proposals to amend the Goods and Services Tax (GST) Act and Rules for levy of GST on online gaming, casino and horse racing.

At the 51st GST Council meeting, which was held through videoconference, Mr. Thennarasu expressed strong reservations over certain clauses in the proposals for amendment of GST Act and Rules in view of the recently enacted Prohibition of Online Gambling and Regulation of Online Games Act in Tamil Nadu, an official statement said.

The proposed amendments should conform with such State legislations, Mr. Thennarasu said at the meeting.

He called for the modification of specific clauses and suggested that the definition of online money gaming in the Act should not include games where the performance or outcome is based on chance, or such games in States where they are banned by law.

The Minister insisted that the suggested modifications should be incorporated in the proposed amendments of the Act, and the GST Council promised to make suitable modifications in the amendments, the press release said.

Source from: https://www.thehindu.com/news/national/tamil-nadu/tn-finance-minister-expresses-concern-over-proposed-amendments-to-gst-act-for-levy-on-online-gaming/article67151234.ece

___________________________________________________________________________________

πŸ“’ FREE Webinar on β€œBlockchain and Virtual digital asset with overall taxation implications including GST” by CA Riddhi Jain & Adv (CA) Bimal Jain

πŸ”– TOMORROW is the LAST Day !! Register Now !!

πŸ”– A2Z Academy is Organizing a FREE Webinar On:

πŸ“’“Blockchain and Virtual digital asset with overall taxation implications including GST”

πŸ—“οΈ Date: August 04, 2023, Friday

⏰ Time: 8:00 PM to 9:00 PM (IST)

🎀 Speakers:

πŸ‘¨πŸ»β€πŸ« CA Riddhi Jain
Expert in Crypto Currency

πŸ‘¨πŸ»β€πŸ« CA (Adv) Bimal Jain
Chairman of Indirect & GST Committee of PHD Chamber of Commerce

Registration Link πŸ”—:Β 

https://zoom.us/webinar/register/WN_Kbvufgm6TyW-avGx6_3mfw

Coverage:

  • πŸ“ What is Block chain technology and Virtual digital assets?
  • πŸ“ What is the current legal status of virtual digital assets in India?
  • πŸ“ What is Income Tax implication on virtual digital assets in India?
  • πŸ“ How does the taxation of virtual digital assets differ from that of traditional financial assets?
  • πŸ“ How are virtual digital assets classified for taxation purposes under GST?
  • πŸ“ What is the GST rate applicable to the sale of virtual digital assets?
  • πŸ“ Are there any exemptions or special provisions for virtual digital assets under the GST?
  • πŸ“ How do crypto exchanges and other intermediaries comply with GST regulations?
  • πŸ“ Q&A and open discussion

Limited seats available

Follow us on our social media for more updates:

πŸ”Ή FacebookπŸ”Ή TwitterπŸ”Ή LinkedInπŸ”Ή InstagramπŸ”Ή YouTube

 

Scroll to Top