![]() ![]() This tax increase will discourage players and is not in line with global standards, where taxes are usually levied on platform fees (the fee charged to the clients for using a site or its service) or commissions. 28 will go towards GST (Goods and Services Tax), in addition to charges by the gaming platform and a 30% tax deduction on any winnings. But with the new tax, the entire amount collected from players will be subject to taxation. Previously, gaming start-ups paid a small tax on the fees they charged for offering games. This tax imposition will have a considerable impact on the gaming industry. How does this impact the Gaming Industry? In the 50th finance meeting on July 11, 2023, Finance Minister Nirmala Sitharaman announced that there will be a 28% tax on online gaming, horse racing, and casinos in India. According to Forbes India Report, there are about 40 Crore online gamers in India among these, around 9- 10 Crore are regular gamers. ![]() India has seen a massive surge with a 28-30% annual growth rate in online gaming over the past few years, with millions of players joining in. The online gaming industry in India, which has been growing rapidly, is about to face a significant tax burden. Hey there, gamers! We have some shocking news for you.
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