Speed-breaker for Gaming

Nothing is certain in life, it is said, barring death and taxes. And India’s gaming industry, buzzing with frenetic activity till recently, is realising the truth of the idiom as it grapples with a massive tax burden that threatens to derail the sector and slam the brakes on its growth. The $3-billion Indian online gaming industry was growing smartly, with reports pegging it at $8.6 billion by FY27, growing at a compound annual growth rate of 27 per cent. But the tax authorities had other plans. While online games of skill were taxed at 18 per cent GST earlier, and those of chance at 28 per cent, the GST Council has, with effect from October 1, 2023, brought all real-money online gaming under a blanket 28 per cent GST slab…

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Business Today (Digital) - 1 Issue, 29 October 2023

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