Indian Government to decide GST on Online Gaming: In a recently held press conference, Finance Minister Nirmala Sitharaman spoke about the outcomes of the 47th GST Council meeting. It was informed that the 48th GST Council Meeting will decide the GST rates for online gaming, horse racing, and casinos which will be held in Madurai in the first week of August. For more updates on gaming-related news follow InsideSport.IN. GST on Online Gaming
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GST on Online Gaming in India
At a time when people have access to free online games, the growth of the gaming industry in India is rising at a tremendous pace. Also, online gaming is mostly tax-free in the country. However, with the implementation of Goods and Service Tax on games, the scenario might witness a change. A greater portion of it will depend on the GST rates to be levied on online gaming which will be decided at the 48th meeting of the council. This also indicates that after the GST implementation, players will also have to bear its burden during any in-game purchase.
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The 47th GST Council take a decision regarding tax on Online Gaming in India
The Council instructed that the Group of Ministers re-examine the problems regarding casinos, race courses, and online gaming in its terms of reference based on further feedback from states. “Following Goa’s request for special treatment for casinos, it was decided that GoM will give one more hearing for online games and horse racing as well; the GoM will submit the report by July 15 and GST Council will hence meet again on this GoM’s agenda in 1st week of August,” the Finance Minister said in a statement, as reported by PTI.
According to the All India Gaming Federation, the E-Gaming Federation, and the Federation of Indian Fantasy Sports the planned GST regime, will be “catastrophic” for the online gaming business if it is enacted. The effects that the upcoming decision will have on the online gaming industry and community will come to light once it is implemented.
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