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Tuesday, May 21, 2024

Finance Minister Nirmala Sitharaman announces new GST valuation regulations for online gaming sites

Valuation rules for GST on online gaming platforms effective prospectively: FM

NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday said the valuation rules for levying 28 per cent GST on entry-level bets on online gaming platforms are effective prospectively.

“The clarification on that (online gaming) was issued. 28 per cent is the tax and as to who it will apply to and on whom the incidence will fall is clearly explained… The valuation rules to exclude winnings is prospective. So, I hope there is not confusion on that, Sitharaman said in the Lok Sabha.

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The minister was replying to a discussion in the House on the GST (Second Amendment) Bill, which provides for capping the age limit for president and members of GSTAT.

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