JOIN USWith the new Goods and Service Tax (GST) regime set to pose a huge challenge to horse racing, the Bangalore Turf Club (BTC) faces a rough road when the Summer Meeting begins from May 13.
The 26-day season, two less than the previous edition, will include 221 races, BTC chairman Y Jagannath announced here at a press conference.
The proposed tax of 18 per cent under GST will spell trouble for the BTC, which currently pays eight per cent betting tax to the State government, apart from entertainment and service taxes, with the total taxes amounting to 11 per cent.
The club has already begun their efforts to minimise the possible risk from GST. A meeting of the club officials with the GST council members two days ago — where they requested for a favourable consideration — was their first attempt on the issue. BTC officials said work is on to chalk out a plan ‘B’ in case the ruling doesn’t go in their favour.
“We want to attract bigger sponsors in order to keep the sport running. We will also speak to our stakeholders and seek their support,” said Ajit Saldanha, a steward.
Only a six -day prospectus of the season was released on Wednesday and Jagannath said the remainder, along with the level and quantum of incentives to be paid during the summer meeting will be published after the rates under the GST are out in the public domain. The level of stakes was also not mentioned in the prospectus.
Meet on May 18
With the GST set for a July 1 rollout, the representatives of different clubs of the country, under the umbrella body of Turf Authorities of India, will meet the GST council on May 18 in Srinagar.
Krishna Byre Gowda, the agriculture minister, will represent BTC in the meeting. BTC is hoping the State government shows their support.
“We want the chief minister to help Krishna Byre Gowda prepare a compelling case that can be presented at the meeting. Government’s support is important for racing to survive in the city,” said Saldanha.
No incentives
In what was the first sign of the GST impact, BTC has decided to keep the incentives for the Karnataka-bred horses and local owners in abeyance. Depending on the GST council, a decision on the incentive will be made. The Kingfisher Ultra Derby Bangalore (Grade I), scheduled for July 9, will be the showpiece event of the season with a prize money of Rs 2.5 crore.
Special race days: May 14: Jayachamaraja Wadiyar Cup (Grade III); May 21: Karnataka Juvenile Million (Grade I); May 28: Racing Patrons Cup; June 4: Krishnaraja Wadiyar Cup; June 11: Fillies Championship Stakes (Grade I); June 17: Chief Justice’s Cup (Grade III); June 18: Colts Championship Stakes (Grade I); June 24: Juvenile Sprinters’ Million (Grade III); June 25: Chief Minister’s Cup (Grade III); July 2: Maharaja’s Gold Cup (Grade II); July 8: BTC Anniversary Cup (Grade II); July 9: Kingfisher Ultra Derby Bangalore (Grade I); July 16: Bangalore St Leger (Grade II); July 23: Bangalore City Sprint Championship Gold Cup (Grade III); July 29: Bangalore Summer Million (Grade III); July 30: Karnataka Mile Championship Cup (Grade II); August 4: Governor’s Cup (Grade III).