India is set to handover the presidency of the G20 nations to Brazil in December, after one year of holding it. During India’s G20 presidency, it worked with global financial institutions on formulating laws to govern the crypto sector on an international level. Prior to the weekend, Indian finance minister Nirmala Sitharaman provided some insights …
Finance Minister Nirmala Sitharaman on Wednesday said that the GST rates on online gaming, horse racing and casinos will be finalised in the 48th GST Council Meeting which will be held in the first week of August in Madurai. Sitharaman was addressing a Press Conference on the outcome of 47th GST Council meeting. The Council …
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 …
The recent decision made by the GST council to impose a 28% tax on the full face value of bets in online gaming has sent shockwaves through the industry. This move is seen as a significant setback that could have devastating consequences and put the very survival of the gaming industry at risk. It is …
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 …
On Tuesday, Finance Minister Nirmala Sitharaman stated that the GST Council is currently deliberating on the taxation policy for online gaming. She expressed confidence that the sector will attract investment once the policy is finalised. Sitharaman was responding to a question from a Korean gaming company, Krafton, about India’s plans to attract foreign investment in …