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28% GST may apply on Online gaming from October 1
GST council has previously informed to apply 20 percent GST on all the online gaming, horse-racing, and casinos. The final decision was taken on August 2 this year in the 51st meeting.
28% Goods and Services Tax (GST) will apply on online gaming from October 1, 2023. This was stated by Sanjay Agarwal, Central Board of Indirect Taxes and Customs (CBIC) Chairman. He said that a legal notice has also been sent to the gaming companies under the process.
Agarwal said that all the state assemblies should pass the GST Amendment Bill 2023 by September 30 or bring an ordinance and implement it from October 1. He said that the result will be reviewed after 6 months of its implementation.
GST council has previously informed to apply 20 percent GST on all the online gaming, horse-racing, and casinos. The final decision was taken on August 2 this year in the 51st meeting.
Currently, online gaming platforms are giving 18 percent GST.
40 crore people play online games in India. By 2025, this industry is expected to be 41 thousand crores. Between 2017-2020, the domestic mobile gaming industry grew at a rate of 38 percent annually. The pace of growth of this industry is the fastest in the world. India is followed by China and the US with gaming growth of 8% and 10%.
Companies like TCS, Tata Consultancy Services and Infosys are involved in the online gaming sector. Experts believe that about 1 lakh people associated with this sector may be unemployed.
Bhoomi Goyal
My self Bhoomi Goyal from Jaipur, Rajasthan. I have passed my Master's in Journalism and Mass Communication this year. I worked in Rajasthan Patrika for six months as an intern. I am working here from June 1st. I passed my graduation in BCA from Rajasthan University and master's in journalism and mass communication from Vivekananda Global University, Jaipur.
