UtterAI Test Widget
MPL Poker
Read The Latest Issue of Our e-Magazine
A23 Poker
Central Govt. Introduces Amendments In The CGST And IGST Acts Gaming
Smit Trivedi
Posted on 21 Aug, 2023
By Smit Trivedi
On 21 Aug, 2023
Share
By Smit Trivedi
On 21 Aug, 2023
Share

Central Govt. Introduces Amendments In The CGST And IGST Acts


The Central government issued a notification on the amendments in online gaming in the Central Goods and Services Taxes Act (CGST Act) and Integrated Goods and Services Act (IGST Act) on 18th August 2023. The bill was introduced in the monsoon session of the Lok Sabha on 11th August 2023 by Union Finance Minister Nirmala Sitharaman. It is worth noting that both bills regarding the modification of the legislation concerning online gaming were approved in the Sabha without any roadblocks. 

This was done during the 50th and 51st meetings of the GST Council, which played a key role in determining the future of the online gaming industry. Both the above mentioned amendments will come into force from 18th August 2023 onwards, stated news reports based on Centre’s move.

CGST Act Amendments 

A new addition was made, which introduced clauses 80A and 80B in section 2 of the CGST Act. Clause 80A defines the meaning of online gaming. ‘Online gaming’ is any game offered on the internet via any electronic network. 


ALSO READ: Alan Keating Misreads His Fives As Deuces, Calls A 100K Raise


Clause 80B states ‘online money gaming’ as online gaming where players deposit or pay to get something in return for their money’s worth, which includes virtual digital assets, in the expectation of winning money or other virtual digital assets. 

These would be applicable for any event which includes a game or competition alongside any other activities whose outcome or performance is based on skill, chance or both. 

IGST Amendments 

Speaking about the amendments in the IGST act, section 5 of the principal Act saw some changes being made in the sub-section (1), With the words ‘other than the goods as may be notified by the government on the recommendations of the council’ being added after the words integrated tax on goods.

Further, a clause was inserted, in section 10 of the principal Act, in sub-section (1). The statement can be simply explained as the name of the person’s state will be added in the invoice to be a part of the records kept.  With the Central government enforcing the latest online gaming amendments from 18th August 2023, it remains interesting to see how the gaming industry reacts and how firms manage to deal with the new laws. 

For more news and updates, keep reading GutshotMagazine.com. Follow us on FacebookInstagramTwitter, and Telegram.

GGPoker Banner



More News

Yudiz Solutions Set To Launch Multi-Gaming Platform And Gaming Studio Ahead Of IPO
Gaming
25 May,2023 

Yudiz Solutions Set To Launch Multi-Gaming Plat...

Wynn Stocks See An Uptick Post Barclays Upgrade
Casino
19 May,2023 

Wynn Stocks See An Uptick Post Barclays Upgrade

Gameskraft Foundation and Inspire Institute of Sport Join Hands for India's Sporting Champions
Gaming
22 May,2023 

Gameskraft Foundation and Inspire Institute of ...


Natural8 India

Top 15 Poker Rooms