8 in 10 Indians want 28% or higher GST on casinos, online games and horse races – Business Insider India

The survey which was based on 34,000 responses from citizens residing in 319 districts revealed that 34% citizens were for the aforementioned GST slab on cryptocurrencies. Meanwhile, 7% of the responders voted for 40% tax slab, 19% voted for over 50% tax slab. About 22% did not have an opinion on it.

On an aggregate basis, 60% of citizens want the GST rate on cryptocurrencies to be 28% or higher. This question received 12,330 responses.

According to a report by CNBC TV 18, the GST Council will take up a proposal to impose 28% GST on all services related to cryptocurrency. The governments view is to keep cryptocurrency at par with lotteries, casinos, racecourses and betting, the report had noted.

The development comes only a few months after the finance minister Nirmala Sitharaman imposed a 30% tax on the gains on cryptocurrencies, along with 1% tax deducted at source (TDS).

On the taxation on online games, casinos and horse racing, 45% citizens were in favour of 28% GST on this leisure activity. Meanwhile, 7% of the responders voted for a 40% tax slab, 27% voted for over 50%.

Only one percent of the respondents believed that online gaming, casino and horse racing should be exempted from GST, while six percent did not have an opinion on it. This question in the survey received 12,097 responses.

Overall, 79% of the respondents wanted 28% or higher GST on these activities.

In May, a Group of Ministers (GoM) agreed to recommend hiking the GST on casinos, race courses and online gaming services to 28%. Currently, the GST rate applicable on online games involving betting or gambling is 28% and for the ones without betting or gambling, it is 18%.

SEE ALSOTough times will make startups go for hero teams, slash ad budgets and focus on profitsSpiceJet hiked its ticket prices; Indigo and others might follow suitReady to take off Rakesh Jhunjhunwala's Akasa Air receives its first Boeing aircraft

Read more from the original source:

8 in 10 Indians want 28% or higher GST on casinos, online games and horse races - Business Insider India