GST cripples horse racing enterprise
The GST (Goods and Service Tax) has crippled the horse racing industry both at Hyderabad and inside the country, according to Hyderabad Race Club chairman Surrender Reddy.
Addressing a press convention right here on Monday night, he stated that the government had imposed 28 in keeping with cent GST on horseracing compared to the average 7.Five in keeping with cent having a bet tax as changed into prevailing in advance prior to July 1, 2017.
Giving details about the turnover of the HRC, he stated all through 2016-17, previous to the creation of the GST the turnover at the totalizators of the club became Rs.1,275 crore and after the introduction of the GST effective from July one, 2017, the turnover had dropped to Rs.760 crore at some point of 2017-18.
During 2018-19, the turnover dropped in addition to Rs 630 crore representing a fall of almost 57.Five percent as compared to 2016. The turnover had also fallen similarly via about 9 in keeping with cent up to June-end this year and in all by way of sixty six.5 percent compared to 2016-17.
Reddy said that the sales of the club as a result of GST imposition had appreciably faded.
The Turf Authorities inclusive of HRC had been earnestly striving to impress upon the government concerned to review the technique of computing GST on wagering in horse racing, he said and delivered that the turf government had also represented to the government involved searching for overview in the method of levying GST on wagering in horseracing.
Another aspect to element in is if a race does now not have any natural front runners, then the race will not be run at a true tempo, consequently could throw up a few very unusual outcomes. It may also mean that the pony who has the first-class velocity on a flat track will win while it drives all out within the ultimate furlong.
When the tempo of the race is assured, the classier horse which satisfies the critical criteria will greater regularly than now not win the race.
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