Union Budget 2023 Online Gaming – Esports and Online Gaming Industry are optimistic amidst the Budget announcement: Finance Minister Nirmala Sitharaman presented her fifth straight budget at the parliament today, also clarifying the inclusion of TDS and Taxability on net winnings. Commenting on the Budget, popular Individuals from Online Gaming Industry want to be optimistic about the recent Budget release. Roland Lander, CEO of All India Gaming Federation, and Ankur Singh shared their thoughts on the impact of the announcement. For future updates on Esports and Gaming, follow InsideSport.IN.
Union Budget 2023 Online Gaming
Commenting on the budget announcement, Mr. Roland Landers, CEO, of All India Gaming Federation, said “The online gaming industry welcomes the budget announcement by the Hon’ble Finance Minister, particularly in relation to the rationalization of direct taxation for online gaming. We are happy to note that the Finance Bill carves out the distinction between betting and gambling activities and online games, by introducing a new section 194BA which taxes a user’s net winnings from online games at the end of the financial year. While we await CBDT’s clarifications and guidelines in this regard, we are hopeful that the certainty in taxation offered by the budget announcement will be a huge stimulus for the growth of the online gaming industry.”
Mr. Ankur Singh, CEO and Founder, of Witzeal Technologies reacts
Commenting on the union budget announcement, Mr. Ankur Singh, CEO and Founder, of Witzeal Technologies, said, “We are thrilled with the announcement of the first budget of Amrit Kaal that envisions an empowered and inclusive economy driven on the fundamentals of technology and knowledge. India is now the third largest ecosystem for start-ups globally and ranks second in innovation quality for middle-income countries. Fostering the development of start-ups in the online gaming industry, the initiative of ‘Make AI in India, make AI work in India’ will potentially boost the growth of gaming studios.
“The Hon’ble Finance Minister particularly mentioned clarifying the taxability relating to online gaming. Now as the Indian gaming market is expected to grow at a 27% CAGR reaching 8.6 billion dollars by 2027, government support will further help to streamline the industry and provide structured growth to this burgeoning industry.” Mr. Singh .concluded
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