The GST Council, during its 50th meeting, resolved a prolonged debate on the tax treatment of online gaming, casinos, and horse racing, deciding to impose a 28% levy on bets and wagers for all three activities and amend GST laws to include online gaming.
Which of the following is the most likely impact of the GST council's decision on businesses in the industry?
(a) The cost of doing business will increase, leading to higher prices for consumers.
(b) Businesses will move their operations to other countries with lower tax rates.
(c) The government will receive more revenue from taxes.
(d) The industry will become more competitive.
