Page 2 - Casino

GoM for different GST on sports betting, casinos and horse racing

Group of ministers to seek legal opinion for the move

GoM on casinos, online gaming taxation may finalise report in 7-10 days

A panel of state finance ministers on taxation of casinos and online gaming on Monday met and decided to seek legal opinion on valuation criteria for all these segments. The Group of Ministers (GoM) headed by Meghalaya chief minister Conrad Sangma said, "After taking the opinion of stakeholders and after successive meetings to seek the suggestions of all members, we will take legal opinion before submitting the final report". The GoM on casinos and online gaming taxation is likely to finalise its report in 7-10 days, he said after the meeting here. The panel in an earlier report had proposed to the GST Council to levy 28 per cent GST on gross sales value as horse racing, online gaming and casinos are akin to betting or gambling. Sources said the GoM is open to considering different rates and valuation mechanisms for online gaming, casinos, and horse racing. The government in May last year set up a panel of state ministers for better valuation of services of casinos, online gaming

GoM on casinos, online gaming to submit report to FM in 1-2 days: Report

The GST Council is likely to meet towards the end of this month or early September and discuss the report of the Group of Ministers (GoM), the sources added.

GST: GoM to finalise report on casinos, online gaming by Aug 10

The state finance ministers' panel looking to bring online gaming and casinos under GST failed to reach a consensus on Tuesday and decided to finalise its report by August 10. Officials said the Group of Ministers (GoM) held a virtual meeting on Tuesday and discussed various methods of taxation of casinos, horse racing and online gaming. The panel felt that further deliberations were required on the matter and fixed August 10 as the date for finalising its report, the officials added. The report is likely to be taken up for discussion in the GST Council meeting scheduled to be held in Madurai next month. Last month, the council, comprising the Centre and state finance ministers, referred back the report that was submitted by the GoM for further discussions. The GoM, under Meghalaya Chief Minister Conrad Sangma, in its report had highlighted that horse racing, online gaming and casinos are all part of betting and gambling, and 28 per cent GST on gross sales value should be ...

Streets empty in Macao after casinos under lockdown to fight Covid outbreak

Streets in the gambling center of Macao were empty Monday after casinos and most other businesses were ordered to close while the Chinese territory near Hong Kong fights a coronavirus outbreak. Residents were told to stay indoors unless they were buying food or other necessities. Authorities warned anyone violating the rules would be punished. Casinos were ordered over the weekend to close for at least a week as the number of coronavirus cases in the territory of 700,000 people rose. On Monday, the government reported 59 new cases, bringing the total in the latest outbreak to 1,526. Macao and Hong Kong are imitating the mainland's zero COVID strategy that aims to isolated every infected person. The public is required to register for passes to ride buses and other public transportation, which is operating at reduced capacity, said a resident, Pedro Kong. I think this measure is not necessary, because it will increase inconvenience," said Kong, 40. Casino gambling is the mainstay o

Macao to shut casinos for a week amid Covid rise, allows essential services

The Asian gambling centre of Macao will close all its casinos for a week starting Monday and largely restrict people to their homes as it tries to stop a Covid-19 outbreak

GST Council defers tax on casinos, lottery; GoM to re-deliberate by July 15

The GoM will have to submit report by July 15 and then the Council will meet either on August 1 or in the first week of August, says FM Sitharaman

Top headlines: GST on casinos deferred; marketing freedom to oil producers

Briefing reporters about deliberations at the two-day meeting of the GST Council, Finance Minister Nirmala Sitharaman said finance and other ministers of 16 states spoke on the compensation issue

28% GST likely on casinos, online gaming and horse racing: Report

The GoM, headed by Meghalaya Chief Minister, has recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating

47th meeting of GST Council to be held on June 28-29 in Srinagar: FinMin

The meeting assumes significance as it is expected to discuss the report of the panel of state ministers on rate rationalisation and also the tax rate on casinos, race courses and online gaming

Tech used by casinos in Las Vegas may help Sebi tackle insider trading

Not just India, but several global financial regulators are considering such AI programmes to nail securities law violators such as insider trading

How Las Vegas casino AI can help Sebi stamp out insider trading: Explained

Top headlines: Elbers appointed as IndiGo CEO; GST hike likely on casinos

Business Standard brings you top news of the evening

Govt may levy 28% GST on casinos, online gaming as GoM finalises report

The panel of ministers tasked to review the GST levy on casinos, race courses and online gaming has finalised its report, which will be taken up in the upcoming GST Council meeting. The Group of Ministers, chaired by Meghalaya chief minister Conrad Sangma, had in its previous meeting earlier this month unanimously decided on hiking the tax rate on these services to 28 per cent. The GoM met again on Wednesday and finalised the method of valuing these services for the purpose of levying this tax. "The Group of Ministers (GoM) on casinos, race courses & online gaming has come to a consensus. The report of our submissions will be handed over to Hon'ble FM, Smti. @nsitharaman Ji in a day or two & the matter will be presented in the next @GST_Council Meeting," Sangma tweeted. At present, services of casinos, horse racing and online gaming attract 18 per cent GST. The government had in May last year set up a panel of state ministers for better valuation of services of casinos, online

Panel for 28% GST on casino, online gaming: West Bengal FM Bhattacharya

The report of the GoM is likely to be taken up in the next meeting of the GST Council expected later this month

GoM likely to discuss imposing flat 28% GST on online gaming

Set to meet on Monday to iron out issues, including tax ambiguities

A casino tycoon & his 17 children are part of real-life Succession drama

To keep public conflicts largely at bay, some of the offspring have gone their own way, leaving management of the casino empire to a select few

How a billionaire's cruise empire collapsed in Hong Kong due to Covid-19

It's a stark example of how the coronavirus brought once-thriving businesses to their knees, which has the potential to impact cruise customers across the region

Australia regulator expands money laundering probe at casino firm Star

AUSTRAC launched a probe in June into Star's casino in Sydney amid concerns over ongoing customer due diligence and compliance with laws

World's biggest junket operator Alvin Chau held, Macau casino stocks sink

The detention Chau marks the first time such a high-profile figure in the gaming industry has been targeted