Tuesday, February 27, 2024

Economy

August 11, 2023 11:16 AM IST

FM to present the GST Amendment Bill 2023 in Lok Sabha

Finance | Economy | Nirmala Sitharaman | GST

Union Finance Minister Nirmala Sitharaman will present the Goods and Services Tax (GST) Amendment Bill 2023 in the Lok Sabha. After the passage of this bill, the way will be cleared for the imposition of 28 percent GST on online gaming, casinos, and horse racing.

This bill has received approval from the union Cabinet. The GST Council, in its 51st meeting last week, approved amendments to the Central GST (CGST) and Integrated GST (IGST) Acts.

The amended provisions in the GST Act will come into effect on October 1, after it is passed by Parliament. On August 2, the GST Council recommended amendments to Schedule III of the CGST Act, 2017 to clarify the taxation of supplies in casinos, horse racing, and online gaming. Sitharaman had said after the GST Council meeting that the CGST and IGST amendments could be tabled in Parliament in the monsoon session.
 

Copyright © 2024 DD India. All rights reserved

Visitors: 522743

Last updated on: 27th February 2024