GST threatens to trip horse racing industry

The horse-racing circuit in India is on its summer break, but off track the industry is lobbying hard to mitigate the effects of a proposed Goods and Services Tax, which officials say may be the death knell for some of the country’s clubs. The GST is meant to bring uniformity to India’s indirect tax regime, which until now has granted power to various states to determine the amount to be imposed. Under the new legislation, scheduled to come into force from July, the central government  will decide on taxation levels for various goods and services. The changes are expected to help boost India’s Gross Domestic Product by a couple of percentage points and accelerate economic growth. However, the horse-racing industry, which is already facing difficulties due to widespread illegal gambling, may be crippled if the law is implemented according to current proposals. Horse-racing in India is a legal sport and betting is allowed....

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