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GST From Online Gaming Jumped 5X To INR 1,349 Cr In The First 6 Months Of New Regime: FM
Inc42
·
10m ago
Medial
The collection of Goods and Services Tax (GST) by the Indian government in the first six months after the implementation of the 28% GST regime amounted to INR 6,909 Cr. This figure is a significant increase of 412% compared to the INR 1,349 Cr collected in the six months before the 28% GST regime was imposed. The 28% GST tax on the online gaming industry took effect on October 1 and involves a 28% tax on the full face value of bets placed in real money gaming.
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Related News
GST on online gaming boosts revenue by 412% in six months
YourStory
·
10m ago
Medial
India's Finance Minister, Nirmala Sitharaman, announced that GST (Goods and Services Tax) collection from online gaming has risen by 412% in six months since the implementation of a 28% tax on these services. The revenue from online gaming reached ₹6,909 crore ($926 million) in just six months, compared to ₹1,349 crore ($180 million) prior to the implementation of the tax. The government has also seen a 30% increase in revenue from casinos. The GST Council has recommended exempting the supply of research and development services by government entities or research associations from tax.
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GST Council Likely To Retain 28% Tax On Online Gaming In June Meeting
Inc42
·
1y ago
Medial
Gaming startups in India, such as Gameskraft, Delta Corp, and Dream11, have been served notices to pay INR 1.12 lakh crore in GST. Last year, the GST Council imposed a 28% tax rate on online gaming at the entry level. The council is expected to review this decision in June, as the government's GST revenue from online gaming has increased significantly in the last six months. Despite earlier plans to regulate the sector, Prime Minister Narendra Modi recently mentioned that there is no need for regulations but emphasized the importance of organizing and legalizing online gaming.
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DGGI Detects Tax Evasion Of INR 81K Cr By Gaming Cos In FY24
Inc42
·
10m ago
Medial
According to the annual report from DGGI, the online gaming industry was found to be most susceptible to tax evasion in the fiscal year 2023-2024. The BFSI (Banking, Financial Services, and Insurance) sector also showed a high risk of tax evasion. During this period, DGGI identified 6,084 cases of GST evasion worth INR 2.01 Lakh Cr, compared to 4,872 cases worth INR 1.01 Lakh Cr in the previous fiscal year. In response to the imposition of a 28% GST, several online gaming companies received notices to pay pending taxes amounting to INR 1.12 Lakh Cr.
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Nine Months Of New GST Regime: What Gaming Startups Feel About Retrospective Tax Demands?
Inc42
·
12m ago
Medial
The online gaming industry is cautiously optimistic after the GST Council recommended the insertion of Section 11A in the CGST Act. While the 28% GST regime has impacted the industry significantly, this recommendation provides hope for a solution to the retrospective taxation issue. The industry remains hopeful that the government will consider their needs and potentially revise the GST rates.
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HC quashes DGGI’s ₹21k cr tax demand from Gameskraft
Livemint
·
1y ago
Medial
The Karnataka High Court has overturned a ₹21,000 crore ($2.8 billion) goods and services tax (GST) demand on Gameskraft, a Bengaluru-based online gaming company. The court ruled that the Directorate General of GST Intelligence (DGGI) misinterpreted the law and that online rummy is a game of skill, not chance. The ruling is seen as a precedent for online gaming startups and may influence discussions on taxation policies for the industry by the GST Council. The verdict brings clarity and relief to the online gaming sector in India.
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DGGI Seeks Details Of Cashbacks Offered By Online Gaming Cos
Inc42
·
1y ago
Medial
The DGGI has requested information from various online gaming companies regarding cashback offers made to players between October 2023 and June 2024. The investigation revealed that these companies were reimbursing taxed money to players through cashback in a separate promotional account. A recent report also stated that over 50% of Indian online gaming companies experienced stagnant or declining revenues after the implementation of the 28% GST regime.
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28% GST on online gaming comes into effect tomorrow
Economic Times
·
1y ago
Medial
India has implemented a 28% Goods and Services Tax (GST) levy on online gaming, effective from October 1. Despite some state governments not passing the necessary legislation, the new regime will come into effect as planned. A detailed notification has been issued specifying the implementation date and applicable rules.
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28% GST on online gaming to yield extra ₹20,000 cr yearly: Govt
Money Control
·
2y ago
Medial
According to Revenue Secretary Sanjay Malhotra, the GST Council's move to impose a 28% tax on the full bet value in online gaming would generate approximately ₹20,000 crore in additional annual revenue for the government. Malhotra noted that the online gaming industry currently pays only 2-3% GST, which is lower than the 5% tax applied to food items commonly consumed by individuals.
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28% GST Effect: Monthly Tax Collections From Online Gaming Platforms Jump To INR 1,200 Cr
Inc42
·
1y ago
Medial
The Indian government has reported a significant increase in monthly GST collections from online gaming platforms since imposing a 28% tax levy in October 2023. Revenues have soared more than 400%, bringing in around INR 1,200 Cr per month. The decision to impose the tax came amid concerns over illegal overseas online gaming sites, with no new platforms reportedly registering in the country since October 2023. Tax officials are facing challenges as these platforms change VPNs and website addresses to evade authorities.
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Mobile Premier League net loss narrows to $37 million in FY23 as revenue grows, expenses fall
Economic Times
·
1y ago
Medial
Mobile Premier League (MPL), an online real money gaming company based in Bengaluru, reported a significant reduction in net loss for FY23 to $37.04 million compared to $194.47 million the previous year. The company's revenue rose by 63% YoY, reaching $104.63 million, while expenses decreased. MPL exited the merchandise business, slashing costs and laying off 100 employees. Although the online gaming industry faced challenges due to the amended GST regime, MPL and other companies in the sector continued to experience growth.
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