The gaming industry in India is in a fix after an empowered group of ministers (GoM) unanimously proposed a flat 28 per cent goods and services tax (GST) on its activities.
Indian gaming companies and the body representing the industry had made representations on continuing the 18 per cent rate, saying that this brought them at par with global players.
Roland Landers, chief executive officer (CEO) of the All India Gaming Federation, said to encourage the industry to work to its potential, it was imperative to have a rational and progressive GST.
"While it is clear that the GST rate will likely be 28 per cent, there, however, seems to be a lot of confusion on the valuation methodology including initial sum, gross gaming revenue, and deposits being reported in the media. Any other valuation other than commission/service fees will be disastrous for the industry," said Landers to Business Standard.
According to a Business Standard report, the panel of ministers, which met on Wednesday, also decided the tax would be levied on the "face value" or "bet amount" and not on the transaction value. The transaction value includes the prize money or the net commissions (revenues) that accrue to gaming firms.
Bu hikaye Business Standard dergisinin May 20, 2022 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin May 20, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
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