
Parliament passes GST amendment bills defining online money gaming, use of crypto assets
The Integrated Goods and Services Tax (Amendment) Bill, 2023 too was passed by the Parliament today.
The Integrated Goods and Services Tax (Amendment) Bill, 2023 too was passed by the Parliament today.
The amendments aim to provide enabling provisions to tax online games at 28%.
The country's popular gaming platform has cited the 28% GST proposed on online gaming platforms from October 1 as the primary reason behind the recent layoffs
Clarifications and clear definitions of various aspects of monetary bets, deposits, use of digital virtual assets in the gaming ecosystem are likely to be taken up by the GST Council.
Amid major push back from the online gaming industry against the 28% GST imposed on the sector last month, the Centre has indicated that the high slab on the sector is here to stay.
The OTT market will continue to grow at a 14.3% CAGR to produce revenue of $3.5 billion in 2027, says PwC
Online gaming players say the decision has caused "significant distress" in the industry, and that it'll reverse the growth the gaming industry in India has seen so far
The only winners will prove to be "illegal" offshore gambling and betting platforms, says Roland Landers, CEO of the All India Gaming Federation.
The GST Council has proposed to levy 28% uniform tax on online gaming, casinos and horse racing.
These online gaming companies are registered in small island countries like Curacao, Malta and Cyprus.