Fri, Feb 02, 2024
The Finance Act 2023 inserted a new section, 194BA, in the Income-Tax Act, 1961, with effect from April 1, 2023, which mandates online gaming platforms to deduct income-tax (TDS) on the net winnings in the person's user account.
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Sun, Oct 08, 2023
During the 52nd GST Council meeting, states raised the issue of notices for tax demand served under the GST regime on gaming companies, with some states terming it "retrospective taxation". Chhattisgarh Deputy Chief Minister T S Singh Deo said that states like Delhi and Goa raised the issue of online gaming companies receiving a spate of GST demand notices for alleged evasion. Delhi Finance Minister Atishi said that tax notices are being sent for a much higher amount than even the estimated valuation of the gaming industry.
Fri, Sep 29, 2023
India is set to implement a 28% GST on online gaming from October 1, with the consent of all states. This could mean higher costs for gamers, but it could also lead to more transparency and regulation in the industry.
Fri, Sep 22, 2023
Indian online gaming giants are in hot water as the Directorate-General of Goods and Services Tax Intelligence (DGGI) investigates alleged tax evasion totalling a staggering Rs 31,000 crore. Previously, the government alleged tax evasion of Rs 22,936 crore. Furthermore, the recent GST Council's decision to impose a 28% tax on online gaming changes the game, starting from October 1.
Thu, Aug 10, 2023
The gaming platform claims to have 5.2 million monthly active users and distributed over USD 308 million to winners annually.
Wed, Aug 09, 2023
MPL, the online gaming giant, has announced that it is laying off 350 employees, nearly 50% of its workforce. The GST tax hike has increased MPL's tax burden by as much as 350-400%. This has forced the company to make some tough decisions, including laying off 350 employees. This is the first major casualty of the GST tax hike for the online gaming industry.
Wed, Jul 26, 2023
GST Council meeting on 2 August. There will be a discussion on the calculation of the face value of Online Gaming. Discussion on 28% GST on entry point or token. Discussion on amendment in rules related to Online Gaming, Casino.
Fri, Jul 21, 2023
In a letter dated July 21, leading Investors have sought the Prime Minister's intervention in the decision of GST Council which is expected to hit prospective investment to the tune of USD 4 billion in the next 3-4 years.
Wed, Jul 12, 2023
The Indian government has imposed a 28% GST on online gaming, which has been met with criticism from gamers and industry experts. The new tax rules could force gamers to limit their participation and drive them towards offshore and illegal gambling websites. The impact of the 28% GST on the Indian gaming industry remains to be seen, but it could have a significant negative impact on the growth of the industry.
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