Casino

The government is working to get a so-called "entertainment complex" bill, which will allow casinos to be housed within large venues

Risk-takers will dominate our casino-like economy, but most are destined to lose, argues statistician and election modeller Nate Silver in his new book

The West Bengal assembly on Thursday passed a bill by virtue of which online gaming, horse racing and casinos will be taxed at the highest GST rate of 28 per cent on full face value of the bets involved. Minister of State for Finance Chandrima Bhattacharya said when the West Bengal Goods and Services Tax (Second Amendment) Bill, 2023, will become an Act, it will augment the revenue of the state. West Bengal is one of the states which has advocated taxation of such online gaming and similar activities at the highest rate, she said. Bhattacharya said activities like online gaming, casinos and horse racing are all games of chance and not those of skill, and in these cases, the right to participate and the right to win cannot be separated. The minister, who is a member of the GST Council, said West Bengal has been in favour of taxing such activities at the highest rates. She also alleged that there had been a delay in tabling this Bill in the assembly as the governor was seeking numer

The company's tax expenses in the quarter fell 7.4%, making way for profits as total revenue stayed flat with a 0.2% rise to 2.71 billion rupees

As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. "Certain members had raised the issue of retrospective taxation. It was informed to them that this is not retrospective, and this was the law earlier. These liabilities already existed because money online games played with bets...They were already attracting (28 per cent GST) by way of betting or gambling," Malhotra told reporters. In the 52nd GST council meeting, Delhi and Goa raised the issue of tax demands on e-gaming companies and casinos. Delhi Finance Minister Atishi said tax notices for the past 6 years calculated at a much higher rate of 28 per cent are being sent to online gaming cos, even though on October 1, this 28 per cent GST was to be implemented. "An industry whose revenue is Rs 23,000 crore, you are slapping a tax notice

The cybersecurity attack at MGM Resorts last month is expected to cost the casino giant more than USD 100 million, the Las Vegas-based company said in a Thursday regulatory filing. The attack, which was detected on September 10, led to MGM shutting down some casino and hotel computer systems at properties across the U.S. in efforts to protect data. MGM said reservations and casino floors in Las Vegas and other states were affected as customers shared stories on social media about not being able to make credit card transactions, obtain money from cash machines or enter hotel rooms. The company announced the end to its 10-day computer shutdown on September 20. While we experienced disruptions at some of our properties, operations at our affected properties have returned to normal, and the vast majority of our systems have been restored, MGM CEO Bill Hornbuckle said in a Thursday letter to customers. We also believe that this attack is contained. Hornbuckle added that no customer ban

Delta Corp said the amounts claimed in the DG Notices are inter alia based on the gross bet value of all games played at the casinos during the relevant period

The tax notice comes at a time when the company, valued at over $566 million, is already facing heat over the recent move in July by the country's GST Council to impose a 28% indirect tax

The government on Friday notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax. The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of online gaming and casinos as per the decision of the GST Council last month. EY Tax Partner Saurabh Agarwal said 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," Agarwal added. AMRG & Associates Senior Partner Rajat Mohan said under the valuation rules, the full tax rate would be applicable on the total amount paid to online gaming company/ casinos, without any relief to the taxpayer in case of refund/return of money. Notification clarified that winnings by any player would remain tax-neutral, as the entire tax is collected at first ...

The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming. The Council also recommended inserting a provision in the IGST Act, 2017, to impose GST liability on online money gaming provided by offshore entities. Such entities would be required to get GST registration in India. The amendments will also provide for blocking access to online gaming platforms located overseas in case of failure to comply with registration and tax payment ...

Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic & Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs ..

The government officials clarified that so long as money is involved in a game, govt will make no distinction between a game of skill and a game of chance

Revenue from its mainstay casino gaming division rose about 11%, helping net sales climb nearly 9% to 2.73 billion rupees

These companies will now have to pay a 28% tax on the entire amount collected from players, instead of the small tax on the fee they charged for real-money games until now

The GoM on online gaming, horse racing and casinos had a broad agreement that a 28 per cent GST should be levied on all the three supplies, but a consensus eluded on taxability of online games, as Goa suggested an 18 per cent tax on platform fees, sources said. A final view on taxation rate as well as whether tax is to be levied on gross gaming revenue (GGR) or fees charged by the platform; or on the full face value of bets put in by players of online gaming, horse racing and casinos would be taken by the GST Council on July 11. Also, the Council, chaired by the Union Finance Minister and comprising state counterparts, has to decide on whether these three activities fall under the category of actionable claim of betting and gambling, sources added. The Group of Ministers, convened by Meghalaya Chief Minister Conrad Sangma, has members from eight states-- West Bengal, Uttar Pradesh, Goa, Tamil Nadu, Telangana, Gujarat and Maharashtra. Of the eight states, West Bengal and Uttar Prade

The GST Council is likely to discuss the recommendations of a group of state finance ministers regarding levy of 28 per cent tax on online gaming, casinos and horse racing, in its 50th meeting next week. The council is also likely to thrash out a consensus on whether the tax would be levied on the full value of bets placed or on the Gross Gaming Revenue (GGR). Sources said the report of the GoM, convened by Meghalaya Chief Minister Conrad Sangma, has been circulated to the states and a threadbare discussion is likely in the council meeting on July 11. The GoM members were unanimous on 28 per cent GST to be levied on these activities. However, since no consensus could be reached on whether the tax should be levied on the full face value of bets placed or the GGR, which is the fees charged by online gaming portals, the GoM left the decision on the GST Council, sources said. In December, the GoM submitted its report to Union Finance Minister Nirmala Sitharaman.

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

The state finance ministers' panel for GST levy on casinos, online gaming and horse racing will submit its report to the GST Council next week, Meghalaya Chief Minister Conrad Sangma said on Friday. Sangma-headed Group of Ministers (GoM) held its final meeting on the issue earlier this week and is understood to have recommended a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance. However, in the absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount received from participants, the GoM has decided to refer all the suggestions to the GST Council for a final decision. Asked when the GoM would send the report to the council, Sangam said: "We will submit the report next week". Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals. The GoM in its earlier re

The Council meeting was expected to be held in August in Madurai

The $2 billion online gaming industry in India, while grappling with these issues, the online gaming industry should be treated as entertainment and not gambling, as it comes under the games of skill