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Deposit refunds by casinos, online gaming sites taxable
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GST council meeting relating to the valuation methodology to be adopted for discharging GST obligation by the gaming industry. "This shall effectively settle the ambiguity and uncertainty around this issue.
However, the aspect of whether mere deposit of money in a wallet qualifies as a supply is unclear, and may possibly be challenged by industry," said Agarwal. According to the new valuation norms, full tax rate of 28% would be applied to the total amount paid to online gambling companies and casinos, with no relief for the taxpayer in the event of a refund or return of money, explained Rajat Mohan, Senior Partner at AMRG & Associates.
Read more on livemint.comAbout this in other media
WWE is offering shocking refunds for Friday Night Smackdown attendees, claim reports. Check reason economictimes.indiatimes.com /1 year ago
GST evasion case: More than 100 online gaming firms likely to be investigated, says report livemint.com /1 year ago
Recurring Deposit: Earn up to 8.25% on RDs for 5 years financialexpress.com /1 year ago
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