Finance Minister Nirmala Sitharaman announced on 2nd August 2023 that a 28 percent Goods and Services Tax (GST) will be levied on casinos and online gaming based on their face value.
- The implementation of the 28 percent GST on online gaming and casinos is scheduled to begin from the 1st of October.
- The GST Council will review the implementation after six months.
- In the previous meeting, the GST Council recommended taxing actionable claims supplied in Casinos, Horse racing, and Online gaming at 28 percent, regardless of whether they involve a game of skill or chance.
- The Council also suggested amending the CGST Act 2017 and IGST Act 2017 to provide clarity on the taxation of supplies in casinos, horse racing, and online gaming.
- The meeting was attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and UTs, and senior officers of the Ministry of Finance.
Question: From which date will the 28% GST on casinos and online gaming be implemented?
A) 1st of November 2023
B) 1st of September 2023
C) 1st of October 2023
D) 1st of December 2023
Answer: C) 1st of October 2023