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The Central Board of Indirect Taxes and Customs (CBIC) has on 6th September 2023 issued notification no. 45/2023-Central Taxes relating to the Central Goods and Services Tax (CSGT) rules. These changes are intended to bring clarity to the valuation of supplies in the realm of online gaming and casinos. In the Central Goods and Services Tax Rules, 2017, after rule 31A, the following rules have been inserted:
Under this rule, the CBIC has outlined the valuation of supply concerning online gaming, which includes money gaming. The key provisions are as under:
This rule relates to the valuation of actionable claim in the context of casinos. The following valuation criteria has been set forth:
An important clarification provided in the notification is that any amount won by a player in an event, game, scheme, competition, or other activities and subsequently used for further gaming or betting without withdrawal will not be considered as an amount paid or deposited by the supplier. This exclusion is critical in determining the value of supply under Rule 31B and Rule 31C. This amendment brings much-needed clarity to the valuation of supplies in the domain of online gaming and casinos. As per the rules, the total amount paid or payable to the supplier is the primary determinant of the value of supply, with strict guidelines regarding deductions for refunds or unused amounts. The explanatory notes underscores the treatment of amounts won and reinvested in gaming or betting. Theses amendments will have a significant impact on the taxation and accounting practices in the online gaming and casino sectors, ensuring a more transparent and consistent approach to valuation.
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