Source: https://taxguru.in/goods-and-service-tax/impact-28-percent-gst-online-gaming-explanation.html
Introduction: This article provides insights into the Indian Government’s decision to levy a 28% Goods and Services Tax (GST) on online gaming websites. It explains the motives behind the decision, its potential impact on the online gaming industry, the expected tax revenue, and whether any states opposed this decision in the GST Council.
Read MoreIntroduction: This article provides insights into the recent decriminalization of offenses under the Goods and Services Tax (GST) regime in India. It sheds light on the Government’s approach to this decision, the amendments made, the assessment of its impact on revenue collection and compliance levels, considerations of deterrence against tax evasion and fraud, and the involvement of State Governments and stakeholders in the decision-making process.
Read MoreIntroduction: This article delves into the recent developments regarding the establishment of GST Appellate Tribunals across India and the status of pending GST disputes. It sheds light on the State Governments’ proposals for setting up these tribunals, the Government’s response, and the locations where these tribunals are expected to be established. Additionally, the article provides details about the number of pending GST appeals and their resolution in the past three years and the current year.
Read MoreSource: https://taxguru.in/goods-and-service-tax/impact-imposing-28-gst-online-gaming-industry.html
Introduction: This article explores the implications of the Indian Government’s decision to impose a 28% Goods and Services Tax (GST) on the online gaming industry. It provides insights into the estimated size of the industry, the projected revenue collection, and the rationale behind this tax rate. The impact of the 28% GST on the growth and revenue generation of the online gaming sector is also discussed.
Read MoreThe concepts of un-utilized Input Tax Credit (ITC), Income Tax Refund, and the potential impact of providing interest on un-utilized ITC under the Central Goods and Services Tax (CGST) Act.
Read MoreThe Union cabinet on Wednesday cleared legislative changes needed to implement the GST Council’s decision to ensure that 28% GST is paid on the full value of amounts deposited by players for betting on online games, casinos and horse races, three people familiar with the development said.
Read MoreSome online gaming companies and horse race clubs are disputing the 28% levy before various legal fora
Read MoreNew Delhi: As one of the fallouts of the meek outlook following the decision of the GST Council to increase the GST burden on gamers and gaming companies to 28%, one of the largest players in the fantasy gaming business, Mobile Premier League (MPL), has decided to slash 350 jobs.
Read MoreIndia's gaming industry faces setback with 28% GST on online games, but Zerodha co-founder predicts it as the 'next big thing' for India, citing its larger size than the movie and music industries combined. The Indian gaming market is expected to reach $8.6 billion by FY2027
Read MoreICICI Lombard General Insurance Company Limited has received a Goods and Services Tax (GST) show-cause notice, alleging a tax demand of ₹273.4 crore along with interest, the company informed the BSE.
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