Government will charge on earning from online gaming, know how much tax will have to be paid
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In this meeting, it has been announced to impose GST of 28 percent on online betting. Explain that the changes in the tax law necessary to implement it were to be discussed. While Delhi’s finance minister opposed taxing online gaming, Goa and Sikkim wanted to tax GGR (Gross Gaming Revenue) but not betting.
Sitharaman said that from Karnataka to Gujarat, Maharashtra and Uttar Pradesh, other states want the decision taken in the last meeting to be implemented. Also said that after necessary changes in central and state laws, the new tax will be implemented from October 1 and will be reviewed after 6 months.
Let us tell you that last month it was decided to impose 28 percent tax in India on the funds that online gaming companies take from their customers. The industry was shocked by this decision.
How big is the online gaming industry in India:
India’s gaming market will grow to $5 billion by 2025 from $2.8 billion in 2022. Its compound annual growth rate ranges from 28 to 30 percent. The number of online gamers in India could reach 500 million by 2023, up from 420 million in 2022.
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