India’s online gaming industry has received show-cause notices amounting to Rs. 1 lakh crore say sources. The notices come even as the industry has raised concerns on the applicable GST Rates. The government has asserted that a 28 percent GST rate should have been in place starting from October 1, as per the law. In …
A senior government official announced on Monday that a panel of state finance ministers is yet to submit its report on the taxation of the thriving online gaming sector. The report’s findings are crucial in determining the manner in which levies should be imposed. For weeks, the panel has been deliberating on the taxation of …
Tax authorities are currently investigating cases of GST evasion amounting to approximately Rs 23,000 crore by gaming companies from April 2019 to November 2022, according to Minister of State for Finance Pankaj Chaudhary. In response to a question in the Lok Sabha, Chaudhary stated that the Enforcement Directorate (ED) has seized proceeds of crime exceeding …
An Indian online gaming and fantasy sports startup, Mobile Premier League, recently laid off 50% of its workforce. Following suit, Hike, the owner of Rush Gaming Universe, has also laid off approximately 22% of its employees. The layoffs were made in response to the impact of the GST (Goods and Services Tax) hike on the …
Kavin Bharti Mittal, the founder of Hike, has made the difficult decision to lay off approximately 55 employees, which amounts to more than one-fifth of the company’s workforce. This action was taken in response to the significant impact of the recent GST hike on online gaming. Interestingly, this news comes just a week after Mobile …
The Finance Minister, Nirmala Sitharaman, has provided clarification on the Goods and Services Tax (GST) on online gaming during the GST Council meeting. She stated that taxes will be applicable on the total funds deposited for playing online games, rather than on every bet made. Additionally, she clarified that taxes for online gaming and casinos …
A collective of 30 Indian and international investors has collaborated to convey their concerns to Prime Minister Narendra Modi regarding the proposed imposition of a 28% Goods and Services Tax (GST) on online gaming. In a joint letter dated July 21, prominent investors such as Peak XV Capital, Tiger Global, DST Global, Bennett, Coleman & …
Online gaming companies expressed their concerns regarding the 28 percent GST imposed by the GST Council on online gaming, casinos, and horse racing. This tax will not only limit their ability to invest in new games but also impact their cash flows and hinder business expansion. The All India Gaming Federation (AIGF) strongly criticized this …
The Goods and Services Tax Council, which convened in New Delhi on July 11, has delivered unfortunate news to online gaming companies. The council has agreed to impose a 28% tax on online gaming, casinos, and horse racing. This tax will be based on the full face value of these activities. The decision was reached …
The Finance Ministry is exploring the classification of online gaming based on skill and chance, with the possibility of implementing different GST rates accordingly. According to an official, online games that rely on specific outcomes or involve betting and gambling would be subject to a 28 percent GST, while games that require skill may face …