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New Delhi, 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 &amp; 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 paying 18 per cent on platform fee/commission are disputing the 28 per cent levy on actionable claims in the form of betting and gambling before various legal fora. "It is anticipated that the levy of 28 per cent on full face value, as recommended in the 50th <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> meeting, will result in increase of revenue from current levels," Sitharaman added.

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

New Delhi, <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> has allowed gambling and betting apps on its Play Store that will be available for users in 15 countries including the US. Currently, <keyword id="9960110" type="UNKNOWN" weightage="20" keywordseo="gambling-apps">gambling apps</keyword> are only allowed in four countries: <keyword id="6355226" type="LOCATION" weightage="20" keywordseo="brazil">Brazil</keyword>, <keyword id="6354785" type="LOCATION" weightage="20" keywordseo="france">France</keyword>, <keyword id="6358817" type="LOCATION" weightage="20" keywordseo="ireland">Ireland</keyword>, and the UK. From March 1, the new policy changes in <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword> will allow authorised and legal gambling apps like online casino games, lotteries, sports betting and daily fantasy sports that will depend on whether these gambling apps are allowed in the approved countries. The new rules will permit gambling apps in Australia, Belgium, Canada, Colombia, Denmark, Finland, Germany, Japan, Mexico, New Zealand, Norway, Romania, Spain, Sweden, and the US. Google said that the new rules applies as long as the developer completes the application process for gambling apps being distributed on Play, is an approved governmental operator and/or is registered as a licensed operator with the appropriate governmental gambling authority in the specified country. "For all other apps which do not meet the eligibility requirements for gambling apps noted above, we don't allow content or services that enable or facilitate users' ability to wager, stake, or participate using real money (including in-app items purchased with money) to obtain a prize of real world monetary value". Google said that a developer must successfully complete the application process in order to distribute the app on Play and the app must comply with all applicable laws and industry standards for each country in which it is distributed. On Thursday, Google <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> said it is simplifying the policies around gamified loyalty programmes and features in the country, that are based on a qualified monetary transaction in the app and offer prizes of cash or other real-world value. The policy provides updated guidance on the use of features such as a spin-the-wheel experience, a guessing game, or a 1:1 points redemption to drive loyalty. The update aims to provide more clarity on policy requirements for loyalty programme disclosures and features, and is designed to safeguard users and optimise the developer experience. ''While we do not allow Real Money Gambling apps on the Play Store in India, we remain committed to engaging with industry and government bodies as they deliberate on measures that will best support this industry,'' the company noted. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/priyanka-chopra-jonas-makes-another-tech-investment-this-time-in-us-based-rental-marketplace-apartment-list/articleshow/80554158.cms">Priyanka Chopra Jonas makes another tech investment – this time in US-based rental marketplace Apartment List</a> <a href="https://www.businessinsider.in/budget/news/glee-s-t-january-2021-gst-collection-may-have-beat-the-december-record/articleshow/80512714.cms">Glee.S.T! January 2021 GST collection may have beat the December record</a> <a href="https://www.businessinsider.in/business/startups/news/kavin-mittal-hike-looks-to-hire-computer-science-it-graduates-from-iits-nsit-nits/articleshow/80560643.cms">Kavin Mittal’s Hike looks to hire computer science, IT graduates from IITs, NSIT, NITs</a>

Google's Play Store now allows gambling and betting apps — but not in India

(Photo source: Soho.com) <ul><li>The <keyword id="2582444" type="PERSON" weightage="20" keywordseo="Chinese-Smartphone-Company">Chinese smartphone company</keyword>, <keyword id="1188106" type="COMPANY" weightage="20" keywordseo="Gionee">Gionee</keyword>, is reportedly at the brink of <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> with total debt of 17 billion yuan ($2.45 billion).</li><li>According to reports in the Chinese media, the company’s chairman and chief executive, Lui Lirong, is partly to blame in lieu of his gambling debts. </li><li>Lirong, himself, admits to ‘borrowing’ company funds to gamble. </li></ul>The Chinese smartphone manufacturer, Gionee, is reportedly on the verge of bankruptcy according to the <a href="https://www.scmp.com/tech/enterprises/article/2175219/did-million-dollar-gambling-loss-saipan-imperil-chinese-smartphone">South China Morning Post</a>. And the company’s present troubles are being blamed on <keyword id="3656251" type="PERSON" weightage="20" keywordseo="Liu-Lirong">Liu Lirong</keyword>, the company’s chairman and chief executive, and his gambling debt. Lirong has admitted that the company has a 17 billion yuan debt ($2.45 billion). Out of this amount, it owes banks 10 billion yuan, upstream suppliers 5 billion yuan and around 2 billion yuan to advertising agencies. The matter gets murky as Lirong has admitted that he ‘borrowed company funds’ to finance his gambling, blurring the line between personal and company assets. He has also defended himself, stating that he didn’t lose 10 billion yuan ($1.44 billion), as is being alleged, but only around 1 billion yuan ($144 million). But even before Lirong’s alleged wrongdoing came to light, things were already going south for Gionee. The company that was once one of the mainstream brands in China and other Southeast Asian countries, started to lose its foothold in the market early last year, much before this entire revelation. According to Lirong, the company has been facing losses since 2013. Market leaders like Huawei, Oppo and Vivo — the company’s main competitors in China — were already gaining on Gionee’s smartphone sales declining in 2017. Gionee and India Gionee was one the first Chinese smartphone brands to enter India in 2012. Yet, it was unable to establish itself in the highly-competitive market. According to Counterpoint, it only had an overall market share of 2.2% in 2017, and 4.6% <a href="https://www.counterpointresearch.com/oppo-vivo-and-gionee-are-driving-the-selfie-trend-in-india/">market share</a> when it began offering selfie-focused smartphones. As an aftershock to what was happening to the brand in the Chinese market, Gionee’s sales <a href="https://telecom.economictimes.indiatimes.com/news/financial-woes-hit-gionee-india-operations-may-be-affected/62757050">started to dip</a> in India as well come 2018. At that same time, Chinese media reported that a local court had frozen 41.4% of Lirong’s stake in the company -- the reason cited was ‘gambling debts’. Despite its many hurdles, Gionee has <a href="http://www.newindianexpress.com/business/2018/feb/03/we-are-restructuring-india-operations-here-to-stay-gionee-1767692.html">asserted</a> that ‘it’s here to stay’ and that despite numerous reports, they are not scaling down operations but merely restructuring their plans in the country. See also: <a href="https://www.businessinsider.in/phone-companies-cut-production-by-up-to-15-before-gst/articleshow/59350786.cms">Phone companies cut production by up to 15% before GST</a> <a href="https://www.businessinsider.in/apple-is-betting-on-old-iphones-to-gain-market-share-in-india/articleshow/59111079.cms">Apple is betting on old iPhones to gain market share in India</a> <a href="https://www.businessinsider.in/how-much-more-brands-can-indias-handset-market-absorb/articleshow/57791179.cms">How much more brands can India’s handset market absorb?</a>

Gionee is on the verge of bankruptcy — and it’s about more than just its chairman allegedly gambling away $144 billion

The Bill rolling out the country’s biggest indirect <keyword id="45081" type="UNKNOWN" weightage="20" keywordseo="Tax-reform">tax reform</keyword> since 1947 has been subject to heated debate since it was introduced for discussion in 2009 by the previous UPA government. The tabling of the Bill was prolonged as the centre and states struggled to reach consensus on sharing <keyword id="6435854" type="UNKNOWN" weightage="20" keywordseo="Tax-revenue">tax revenue</keyword> once the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> is implemented. 
 
In a nutshell, GST is a value added tax to be levied on both goods and services except for a list of exempted goods and services at both the centre and state level. 
 GST is expected to replace the plethora of indirect taxes including service tax, central excise duty, additional excise and customs duties, central surcharges and cesses, state <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword>, state sales tax, entertainment tax not levied by local bodies, luxury tax, taxes on lottery, betting and gambling, tax on advertisements and state cesses and surcharges related to supply of goods and services. As these taxes have been ineffective and have suffered from a litany of infirmities, including exemptions and multiple rates, GST is expected to transform the labyrinthine patchwork of taxes to a lean, streamlined process. 
 GST will also enhance revenue for the Centre and states as the streamlined <keyword id="1960195" type="UNKNOWN" weightage="20" keywordseo="Tax-collection-system">tax collection system</keyword> will lead to better compliance. 
 
In addition to simplifying tax system, enhancing compliance and boosting tax revenues for both the centre and states, GST will reduce tax outflow in the hands of the consumers. As cost of production dips, goods and services produced in the country will turn price-competitive in foreign markets, it will help exporters compete with manufacturers abroad. 
 
GST will also reduce paperwork needed to remitting taxes and simplify accounting complexities for businesses. A simple taxation system is also expected to make several sectors, including manufacturing and infrastructure, more competitive. 
 
As per the tweaked version of the Bill tabled in the Parliament, the unified tax system will comprise central and state GSTs (same taxable base will be subject to both GSTs) which will be legislated, levied and administered separately. 
 
Essentially, the Bill will pave the way for the centre to tax sale of goods and the states to tax provision of services, though the former will have the exclusive power to levy GST on imports and inter-state trade. 
 The Bill also proposes to set up a powerful GST council, comprising union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> and representatives of both the centre and states, to ensure that revenue sharing is done neutrally between the centre and states. 
 
There will also be a Dispute Settlement Authority that will moderate possible disputes between the centre and states. 
 
The Bill also proposes a standard rate of GST across various goods and services in line with international rates. 
 
Initially certain goods including crude petroleum, diesel, petrol, natural gas, aviation turbine fuel and alcohol for human consumption will be kept out of the GST’s purview, as sharing tax over these goods has been a point of contention between the centre and states. States will have the power to levy taxes on these items, except in the case of imports and inter-state trade. 
 
The beauty of GST is that though it will be levied on all products and services, and will cover all stages from manufacture to sale, it will be changed only on the value added at each stage of the product life cycle, hence reducing the tax to be collectively paid by companies and eventually by consumers. 
 
Under the proposed tax regime, companies can claim deduction on the taxes already paid by their suppliers. This in turn enhances compliance and overall tax income for the government as every firm will be encouraged to ensure that its supplier has paid its portion of tax part to be eligible for deductions. 
 
The fact that more than 150 countries have already adopted GST is a testimony to the argument that it can help raise revenue in a neutral and transparent manner. 
 
Complying with the most important development in taxation over the last six decades will also lend a leg-up to India’s attractiveness as a market that is fast maturing in terms of regulation and taxation.

GST Means India Is Keen On Adopting Global Practices

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

You Searched For "gambling gst" and got 5 results

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

PTI

Google's Play Store now allows gambling and betting apps — but not in India

IANS

Gionee is on the verge of bankruptcy — and it’s about more than just its chairman allegedly gambling away $144 billion

Prabhjote Gill

GST Means India Is Keen On Adopting Global Practices

Preetam Kaushik

DMK vows to repeal CAA if INDIA bloc is voted to power

PTI

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