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Fantasy games may be taxed at 28%, Input Tax Credit & More

Published on June 27, 2022
Current Context: Goods and Services Tax Council is likely to consider a proposal for imposing a flat 28% tax on online skill or fantasy gaming.
Fantasy games may be taxed at 28%, Input Tax Credit & More
  • It will help to boost the revenue collection and can cover the compensation regime for states for revenue shortfall which decided to end this month.
  • The ministerial panel’s report on online gaming suggested that a Uniform GST should be imposed on casinos, race courses, and online gaming.
  • As of now, most online gaming platforms pay 18 percent tax on the commission collected for each game.
  • It has also suggested about Integration of GST data with NPCI.
  • Biometric verification of premises of high-risk businesses should be captured.
  • Tightening of restrictions process to identify fake invoices.

Question:

Q.1 Goods and Services Tax Council is likely to consider the imposition of 28% tax on which of the following sector?
a. Petroleum
b. Textiles
c. Fantasy gaming
d. CNG
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