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Online Gaming and GST UPSC NOTE

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  GST on online games  The 50th GST Council meeting decided to impose a 28% tax on online gaming, including casinos and horse racing. Concer...

 


GST on online games 

  • The 50th GST Council meeting decided to impose a 28% tax on online gaming, including casinos and horse racing.

Concerns raised by online gaming investors

  • Top investors in India’s gaming sector have written to PM Narendra Modi for a review of the GST Council’s recent decision to levy 28% tax on the full value of bets placed by users.

  • Terming it the world’s most onerous regime that could wipe out $2.5 billion of investments and more than 50,000 high-skilled jobs.

  • Investments to the tune of at least $4 billion, planned over the next 3-4 years in the industry which had almost $3 billion in revenue in 2022 in India, could also be hit, as per the communique to the PM.

  • Increased tax would “substantially and meaningfully erode investor confidence in the backing of this or any other sunrise sector in the India tech ecosystem.”

  • Skill-based, real-money gaming is India’s largest gaming sub-sector and also supports a significant proportion of the game-developer community across the country they are pivotal to the PM’s vision of making India a gaming superpower.

  • There are about 400 Indian start-ups funded by marquee global investors in real money gaming.

  • The investors emphasised they backed a robust, certain and fair tax regime that aligned with government’s socio-economic development goals.

  • In 2000, the U.K. moved to a model of 15% tax on the operator’s gaming revenue, creating one of the largest and most sustainable gaming markets.

  • In France, the Senate has noted that a tax model on full value does not work and is reverting to a model of taxation based on operator’s gaming revenue.

  • However, the change in methodology to apply GST rates on ‘full value’ will result in wholesale destruction of the sector.

    • Many MSMEs and start-ups which may no longer be able to sustain business operations and will shut down with immediate effect.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Online Gaming and GST UPSC NOTE
Online Gaming and GST UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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