Why online gaming is set to get costly – Agora Poker

Explained: Why online gaming is set to get costly

Explained: Why online gaming is set to get costly

Explained: Why online gaming is set to get costly

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For online poker, the tax is automatically deducted from your winning. Once you receive the payout, you will no longer be required to pay for other taxes. However, if TDS is not deducted from your winning, you will be obliged to file for income tax within 30 days after receiving the amount.

NEW DELHI: Online poker and fantasy games is set to get costly as a group of state finance ministers set up to explore the quantum of GST and mode of taxation on casinos, racecourses, and online gaming has unanimously proposed a flat 28 per cent goods and services tax (GST) on these activities. The group is said to have proposed that casinos be brought under the 28% tax slab while the tax will be only on the amount paid at the time of buying the betting instruments at entry and not on every betting transaction.
The panel of ministers, which met last week, also decided that the tax will be levied on the entire “face value” or “bet amount” and not on the total transaction value. Total transaction value includes the prize money, or the net commissions (revenues) that accrue to gaming firms. These recommendations will be sent to the Goods & Services Tax (GST) council for approval.
The online gaming industry that operates skills-based games like e-sports, rummy, poker, chess, and fantasy games has been lobbying for GST to be capped under 18%.
They had backed the demand with a claim that a move into the higher tax bracket would derail the $2.2 billion industry that has 400 players and employs around 45,000 people.
Currently, the GST rate applicable on online games involving betting or gambling is 28%, and the rate on games not involving betting or gambling is 18%. A tax rate of 18% is […]

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Author: wpadmin

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