New Delhi, Aug 11 (SocialNews.XYZ) The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and Integrated Goods and Services Tax (Amendment) Bill, 2023 in the Lok Sabha.
The union cabinet earlier this week had cleared the two bills.
The amendment in the Central Goods and Services Tax Act will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos.
Similarly, states too will have to amend their individual GST legislations separately.
If the bill is passed in the day, the new tax system will become applicable from October 1, as was decided in the GST council meeting held earlier this month.
It was decided in that meeting that 28 per cent levy on online gaming, casinos and horse racing will become applicable from October 1 onwards and will be reviewed for six months, and if need arises, changes could be made in the tax structure after that.
Friday being the last day of the monsoon session of Parliament, Finance Minister Nirmala Sitharaman will introduce the two bills and if the House business continues, then it will also seek to get the two bills passed.
Considering the fact that the GST council had to meet twice within a month owing to continuous representations from the gaming industry, seeking to ease the 28 per cent tax slab on gaming, the bills are likely to be pushed for passing as the applicability of the new tax slab is October 1.
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Source: IANS
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