Labor finance spokesman David O'Byrne said the government needed to provide clarity as to how the revenue from the tax would be spent and how benefit sharing with the racing industry would be done.

"The consumption tax is a policy Peter Gutwein shamelessly co-opted from Labor, yet he has been deliberately secretive and is keeping the industry in the dark, along with thousands of workers who rely on the racing industry for their livelihood," Mr O'Byrne said.

Mr O'Byrne said modelling done by the Liberals suggested the tax would generate millions of dollars.

"Tasmanians expect to know where that money will be going and whether it will go where it's needed most to underpin the sustainability of the industry and the jobs that rely on it," he said.

A government spokesperson said submissions on benefit sharing were being assessed.

"The government has received submissions and feedback from the racing industry on how that share could be spent," the spokesperson said.

"The Hodgman government has previously indicated the revenue from the point of consumption tax will help fund essential services and infrastructure.

"We have also committed to providing a fair share of the revenue to the local racing industry."