Gst Council

India's online gaming industry has received show-cause notices amounting to Rs. 1 lakh crore say sources. The notices come even as the industry has raised concerns on the applicable GST Rates.

The GST Council on Saturday clarified that guarantees provided by corporates to their subsidiaries will attract an 18 per cent GST, while no tax will be levied if a personal guarantee is given by a director to the company.

The GST Council on Saturday decided to levy a lower 5 per cent tax on millet-based flour when sold in pre-packaged and labelled form, Finance Minister Nirmala Sitharaman said.

Delhi Finance Minister Atishi today said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day.

Krafton India, makers of the popular online game BGMI, on Thursday pitched for government support measures to promote the online gaming industry in the country. Krafton India CEO Sean Hyunil Sohn highlighted subsidies given to gaming companies for labour costs by countries like the UAE and Canada and stated that innovative ways can be found to pro...

Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate.

Domestic online gaming companies will be required to deduct 28 per cent GST on bets placed from overseas locations, including by foreign players, as such bets will also be treated as actionable claims.

In some relief to online gaming industry, the GST Council on Wednesday decided that 28 per cent GST will be levied at face value of entry level bets placed in gaming platforms and casinos.

Delhi minister and Aam Aadmi Party (AAP) leader Atishi has assured entrepreneur and influencer Ashneer Grover that she will urge the GST council to reconsider its decision to impose 28 per cent tax on online gaming.

A meeting of the GST Council is set to be held tomorrow via videoconferencing, where the members will discuss and take a final call on the proposal to levy 28 per cent GST on online gaming, casinos and horse racing, finance ministry officials said.

GST Council's decision to levy a 28% tax on real money online gaming industry will lead to a write-off of USD 2.5 billion investment made in the segment, a group of 30 Indian and foreign Investors said in a joint letter to PM Modi.

Amid the online gaming industry raising concerns over the levy of 28 per cent GST, Union minister Rajeev Chandrasekhar on Monday said the government may request the GST Council to consider the facts of new regulatory framework for the industry.

Revenue Secretary Sanjay Malhotra today said the central government will bring clarificatory amendments to the GST Act in the monsoon session of Parliament to implement GST Council's decision of imposing 28 per cent tax on online gaming, casino and horse racing.

The exchequer would get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming, said Revenue Secretary Sanjay Malhotra today.

Online gaming companies on Tuesday said that levying of 28 percent GST will limit their ability to invest in new games, impacting cash flows as well as business expansion. The All India Gaming Federation (AIGF), which represents companies like Nazara, GamesKraft, Zupee and Winzo, said the decision by the council is unconstitutional, irrational, and...

India's online gaming industry has received show-cause notices amounting to Rs. 1 lakh crore say sources. The notices come even as the industry has raised concerns on the applicable GST Rates.

The GST Council on Saturday clarified that guarantees provided by corporates to their subsidiaries will attract an 18 per cent GST, while no tax will be levied if a personal guarantee is given by a director to the company.

The GST Council on Saturday decided to levy a lower 5 per cent tax on millet-based flour when sold in pre-packaged and labelled form, Finance Minister Nirmala Sitharaman said.

Delhi Finance Minister Atishi today said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day.

Krafton India, makers of the popular online game BGMI, on Thursday pitched for government support measures to promote the online gaming industry in the country. Krafton India CEO Sean Hyunil Sohn highlighted subsidies given to gaming companies for labour costs by countries like the UAE and Canada and stated that innovative ways can be found to pro...

Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate.

Domestic online gaming companies will be required to deduct 28 per cent GST on bets placed from overseas locations, including by foreign players, as such bets will also be treated as actionable claims.

In some relief to online gaming industry, the GST Council on Wednesday decided that 28 per cent GST will be levied at face value of entry level bets placed in gaming platforms and casinos.

Delhi minister and Aam Aadmi Party (AAP) leader Atishi has assured entrepreneur and influencer Ashneer Grover that she will urge the GST council to reconsider its decision to impose 28 per cent tax on online gaming.

A meeting of the GST Council is set to be held tomorrow via videoconferencing, where the members will discuss and take a final call on the proposal to levy 28 per cent GST on online gaming, casinos and horse racing, finance ministry officials said.

GST Council's decision to levy a 28% tax on real money online gaming industry will lead to a write-off of USD 2.5 billion investment made in the segment, a group of 30 Indian and foreign Investors said in a joint letter to PM Modi.

Amid the online gaming industry raising concerns over the levy of 28 per cent GST, Union minister Rajeev Chandrasekhar on Monday said the government may request the GST Council to consider the facts of new regulatory framework for the industry.

Revenue Secretary Sanjay Malhotra today said the central government will bring clarificatory amendments to the GST Act in the monsoon session of Parliament to implement GST Council's decision of imposing 28 per cent tax on online gaming, casino and horse racing.

The exchequer would get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming, said Revenue Secretary Sanjay Malhotra today.

Online gaming companies on Tuesday said that levying of 28 percent GST will limit their ability to invest in new games, impacting cash flows as well as business expansion. The All India Gaming Federation (AIGF), which represents companies like Nazara, GamesKraft, Zupee and Winzo, said the decision by the council is unconstitutional, irrational, and...