Parliament passed the Central Goods and Services Tax (Amendment) Bill, 2023, and the Integrated Goods and Services Tax (Amendment) Bill, 2023 on 11 August 2023. The Central Goods and Services Tax (Amendment) Bill, 2023 amends the Central Goods and Services Tax Act 2017.
- The Integrated Goods and Services Tax (Amendment) Bill, 2023 amends the Integrated Goods and Services Tax Act 2017.
- The Central Goods and Services Tax (Amendment) Bill, 2023 defines terms like online gaming, online money gaming, and virtual digital assets.
- Online gaming refers to offering games on the internet or electronic networks, including money gaming.
- Online money gaming involves players paying or depositing money, including virtual digital assets, with the expectation of winning money.
- The Integrated Goods and Services Tax (Amendment) Bill, 2023 excludes online money gaming from the definition of online information and data access or retrieval services.
- The GST Council recommended a 28 percent tax on the full face value of bets in Casinos, Horse racing, and Online gaming during its 50th meeting held the previous month.
Q.: What does the Central Goods and Services Tax (Amendment) Bill, 2023 define?
a) Definitions of agricultural products
b) Definitions of export and import duties
c) Expressions of online gaming, online money gaming, and virtual digital assets
d) Regulations for e-commerce platforms
Ans : c) Expressions of online gaming, online money gaming, and virtual digital assets
