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Tiger Global, other investors ask India to reconsider online gaming tax

Over 100 gaming firms wrote a letter to the finance ministry last week, with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in sector at risk

GST collection, devolution a success story in NE states: FM Sitharaman

The North Eastern states have scripted a success story in the collection and devolution of the Goods and Services Tax (GST), Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said here on Friday. According to the 2023 RBI report on state finances, the eight NE states have registered a compounded annual GST hike of 27.5 per cent, she said. Sitharaman was speaking at the Investiture Ceremony for conferring the Presidential Award for Specially Distinguished Record of Service' to officers and staff of the Central Board of Indirect Taxes and Customs (CBIC). Assam was the first state to ratify the GST Act, four days after it was passed and since then there has been a 12 times increase in the collection of taxes, the minister said. Assam's sales tax collection prior to the implementation of the GST was Rs 558.26 crore but this has increased manifold to Rs 7,097 crore. Sikkim and Meghalaya too have registered a significant achievement with the former's collection increas

As repetitive taxation fears arise, gaming firms wait for clarity

Industry executives said that repetitive taxation could lead to a 50-60 per cent indirect tax burden on gamers

18% GST to be charged on battery charging for EVs: Karnataka AAR

Company setting up charging stations would get input tax credit, it rules

GST officials visit Ronnie Screwvala-led upGrad's offices in Mumbai

The edtech stated that it was a routine survey, and that it was fully compliant

Filing ITR? Don't forget to declare your income from other sources

Income from other sources includes earnings from freelance work, investments, rental properties, or any additional ventures.

May go back to GST council on online gaming regulatory framework: MoS IT

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. The minister also mentioned that it took three years for the Council to reach a decision on online gaming. Online gaming players have expressed disappointment with the decision of the Goods and Services Tax Council to levy a 28 per cent tax on online games involving real money. The Minister of State for Electronics and IT during a CNN-News 18 Townhall programme said that the GST Council is not the government of India but it is truly a federal organisation representing state governments and the centre. "We have to also recognize that the process of creating a regulatory framework for online gaming only started in January 2023. We are only in the early stages of creating a predictable, sustainable permissible online gaming framework. So, we wi

India on a roll owing to landmark reforms under PM Modi: Bernstein report

India has risen from being the 10th largest economy in the world in 2014 to the fifth largest now on the back of "landmark" reforms like GST and an unprecedented infrastructure push, Bernstein said in a report on the Modi government's tenure. The brokerage in a 31-page report titled 'The decade under PM Modi - a deep-dive', hailed landmark reforms, inflation control and financial inclusion and digitisation despite inheriting "a weak economy with several institutions in distress". "Fortune strikes overnight - for some, it is by luck, and for most, it is led by years of effort. The Indian story is similar, becoming more believable even as the building blocks took over a decade to strengthen," it said. Under Modi, India has seen tremendous progress in several areas, including digitisation, formalisation of the economy, a better policy environment to attract investments for manufacturing initiatives and a step-up in infra spending. "The building blocks have been put in place, and altho

No GST on replacement of parts during warranty period, says council

Clarification provides certainty on the tax treatment of warranty repairs, say experts

Indian online gaming firms relocating to avoid tax will be risky: Official

Indian online gaming firms planning to relocate overseas to avoid a new 28% tax on the sector run the risk of violating the country's forex laws, Johri, head of the indirect taxes' department, said

Tighter norms in works for offshore e-gaming platforms: Revenue dept

Registration may be mandated; declare purpose of transactions with banks

Clarificatory amendment to GST Act on online gaming in monsoon session

Revenue Secretary Sanjay Malhotra on Thursday 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 monsoon session will begin on July 20 and end on August 11, 2023. "It will be our effort to draft the law and introduce it in Parliament and get it passed in the monsoon session," he told PTI in an interview. The implementation takes effect only when state legislatures have also passed amendments in state GST laws, he said, adding, that it will take some time. "This is a clarificatory amendment. It has been our view that online games for stakes depend on outcomes...whether game of skill or game of chance. The Council has only reiterated and confirmed that view that these games are taxable at 28 per cent on the full face value or the payment which is made to the online gaming platform," he said. So in that sense i

28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary

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 on Thursday. The GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc, he said adding that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands. He said the online gaming industry is currently paying only 2-3 per cent GST which is even less than 5 per cent tax applicable on food items consumed by a common man. "One of the members, in fact, in the GST Council pointed out that the way the online gaming companies are paying the taxes on online games at 18 per cent of GGR, which works out to only about 2-3 per cent, even lower than the tax rate of 5 per cent levied on many of the food products consumed by the very common people," Malhotra told PTI in an interview. The

Want to buy popcorn with movie tickets? Here's how you can pay lower GST

If you only buy a movie ticket for entry and then buy food, the food will not be invoiced with the ticket, and you will be charged 5 per cent, said an official

Explained: Will 28% GST kill real-money online gaming industry in India?

Up until now, only online gambling and betting have attracted such a steep tax

No need to rethink after online gaming tax backlash: Revenue secretary

The government's decision, announced late on Tuesday, was met with dismay in the $1.5 billion industry, and shares of casino operator Delta Corp and other online gaming companies plunged

No review or roll-back; GST move unanimous: Revenue Secy Sanjay Malhotra

"I don't think that the demand for these vehicles is so 'elastic' that a small tax change could impact the market drastically"

28% GST on online gaming big blow to $1 trn digital economy target: IAMAI

GST Council's decision to levy a 28 per cent tax on online gaming is a huge blow to India's goal to become a USD 1 trillion digital economy by 2025, industry body IAMAI said on Wednesday. The Internet and Mobile Association of India (IAMAI), which represents internet based companies, said that the net effect of 28 per cent GST (Goods and Services Tax) levy will result into around 1,000 per cent increase in tax on the industry, cause irreversible damage to the USD 2.5 billion investments in the Indian online gaming startup ecosystem, and lead to a complete halt on any prospective foreign direct investment (FDI). "It shall also serve as a huge blow to India's ambitious target to achieve a USD 1 trillion digital economy by 2025," IAMAI said. GST Council decision to impose a 28 per cent tax has been unanimously opposed by the online gaming industry. Online gaming companies have repeatedly asked the government to levy less than 18 per cent GST on skill-based gaming. Industry players ha

IAMAI urges GST Council to tax gaming platform fee, not full face value

The Internet and Mobile Association of India claimed that the new GST rules are not aligned with best global practices and may place Indian gaming companies at a disadvantage

Space startups welcome GST exemption for satellite launch services

The Indian private sector on Wednesday welcomed the government's decision to exempt satellite launch services by private organisations from GST, saying the move will help them offer competitive rates to put satellites in orbit. The GST Council, at a meeting on Tuesday, decided that GST exemption on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to such services supplied by organisations in the private sector also to encourage start-ups. The Indian Space Association-EY report had said that the space launch segment was expected to grow rapidly by 2025 at the rate of 13 percent per annum. "This step will give financial relief to the players and will incentivise growth of this nascent sector. We believe it will help enable the growth of indigenous launch capabilities and ensure a level playing field for all," Lt Gen A K Bhatt (retd.) Director General, Indian Space Association (ISpA) said. He said the satellite