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GST on online gaming boosts revenue by 412% in six months
YourStory
·
11m 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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Related News
GST From Online Gaming Jumped 5X To INR 1,349 Cr In The First 6 Months Of New Regime: FM
Inc42
·
11m 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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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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SC seeks centre’s reply on pleas of Games24x7, head digital works on GST notice
Inc42
·
1y ago
Medial
The Supreme Court of India has issued notices to the Centre and the GST department in response to pleas by online gaming companies Head Digital Works and Games24x7. The companies are challenging the retrospective imposition of a 28% Goods and Services Tax (GST) on the full value of bets placed, rather than on the gross gaming revenue. The court has asked both parties to respond to the plea within two weeks. The case is expected to be heard in the coming months as the online gaming industry grapples with the challenges imposed by recent GST changes.
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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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Expect to earn ₹14,000-cr GST in FY25 from online gambling: Govt
Reuters
·
1y ago
Medial
Union Revenue Secretary Sanjay Malhotra told Reuters that the government expects to collect up to ₹14,000 crore in GST in FY25 by taxing online gambling companies. The government had imposed 28% GST on funds that online gaming companies collect. Malhotra said the government will collect about ₹7,500 crore from online gambling in FY24, up from ₹1,600 crore collected in FY23.
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Lok Sabha Approves 28% GST on Online Gaming
IndianStartupNews
·
1y ago
Medial
The Lok Sabha has approved a 28% GST on online gaming in India. The GST will apply to the full value of bets across online gaming, casinos, and horse racing. This move aims to regulate the booming online gaming secto.
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Online gaming turnover has gone up, no case for relook at GST levy: Karnataka revenue minister
Economic Times
·
11m ago
Medial
Karnataka revenue minister Krishna Byre Gowda has dismissed concerns over the Goods and Services Tax (GST) levy on the online gaming sector, stating that there have been no disruptions or compliance issues. He argued that online gaming companies are declaring higher turnover and revenue has increased in some states. The GST Council imposed a 28% tax on online gaming from October 1, 2023, and Gowda believes the current rate is working well and there is no need for a re-examination. He also stated that any changes at this point could cause disruption and that rates have already stabilized.
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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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GST on online gaming triggers employee panic in the sector
Economic Times
·
1y ago
Medial
The introduction of a 28% GST on online gaming in India has led to a surge in job seekers from the sector. Professionals from companies like Dream11, Games24x7, MPL, and Baazi are actively seeking new opportunities due to concerns about the potential impact of GST on the industry. Layoffs and hiring freezes are expected as companies face regulatory changes and tax demands. The talent demand in the gaming industry has dropped significantly in recent months, with profiles from the sector now being absorbed by technology companies.
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Supreme Court to hear gaming firms’ challenge to 28% GST rule
Economic Times
·
7m ago
Medial
The Supreme Court is set to hear petitions from online gaming firms and casinos challenging the 28% GST imposition on the full value of bets rather than gross gaming revenue. These firms face significant retrospective tax demands since 2023, fearing coercive actions by tax authorities. The Court had earlier stayed a Karnataka High Court judgment demanding Rs 21,000 crore GST from GamesKraft. The petitions argue against the government's view equating all online betting to gambling for tax purposes.
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