Over the past decade, online gaming has experienced explosive growth in popularity throughout the globe, including India. This transformation has been fueled by technological advancements, increased internet accessibility, and evolving entertainment preferences among the country’s youth. As the gaming landscape evolves, its impact on various aspects of society becomes increasingly significant.
However, this surge in popularity also brings challenges, one of which is the recent imposition of a 28% Goods and Service Tax (GST) by the Finance Minister, Nirmala Sitharaman. The GST applies to online gaming, horse racing, and casinos, and it will be levied on the total value of bets made or chips purchased, without distinguishing between skill-based and chance-based games. The move aims to address moral implications associated with the industry while ensuring its continuity.
This article delves into the surge of online gaming in India, investigating the factors driving its rapid growth in popularity, the challenges it encounters, and the significant impact it has on various aspects of society. Additionally, it will discuss the imposition of a 28% GST on online gaming services, and the like, and its implications.
EVOLUTION OF ONLINE GAMING IN INDIA
The roots of online gaming in India can be traced back to the early 2000s when internet connectivity started to become more accessible. At the time, online gaming primarily revolved around simple flash-based games and multiplayer platforms. However, with the advent of high-speed internet and the proliferation of smartphones, the gaming industry witnessed a seismic shift.
KEY FACTORS DRIVING ONLINE GAMING GROWTH IN INDIA
This story is from the July 2023 edition of Beyond Market.
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This story is from the July 2023 edition of Beyond Market.
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