GST Council decides to levy 28 per cent tax on turnover of online gaming firms

The Goods and Services Tax (GST) has decided to impose a 28 per cent tax on the turnover of online gaming companies, horse racing, and casinos, said Finance Minister Nirmala Sithraman on July 12.

The decision was taken during a GST Council meeting which was also attended by the representatives of all states and UTs.

''Online gaming, horse racing, and casinos will be taxed. They will be taxed at 28 percent on full face value,'' Sitharaman added. 

Besides this, GST Council also decided to exempt cancer-related drugs, medicines for rare diseases and food products for special medical purposes from GST tax.

The Finance Minister further said that the rates have been brought down from 18 per cent to 5 per cent on four items related to uncooked, unfried, and extruded snack palettes.

''Fish soluble paste brought down from 18 to 5 per cent. LD slag is to be at par with blast furnace slag. It has been changed from 18 to 5 per cent and imitation zari thread brought down from 12 to 5 per cent,'' the Finance Minister added.

Sitharaman also released a special cover and customized myStamp on the occasion of the 50th GST Council meeting.

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