GST On Online Gaming: The GST (Goods and Services Tax) Council recently increased the GST on online gaming to 28 percent. But murmurs of opposition have begun. The question is whether the decision to impose 28 percent GST on online gaming will be withdrawn or will it remain unchanged?
This question is being raised because within the government, the GST Council’s decision to levy 28 percent GST on online gaming is being questioned. Minister of State for Information Technology Rajeev Chandrasekhar said his ministry will ask the GST Council to reconsider its decision to levy 28 percent tax on online gaming.
“We will approach the GST Council and ask them to reconsider the decision to impose 28 percent GST on online gaming,” Rajeev Chandrasekhar said at the CNN-News 18 town hall event. He said that the GST Council is not the Government of India.
The industry has been protesting the GST Council’s decision to impose 28 percent GST on the online gaming industry since its inception. The industry believes that, due to this, investment in the sector will decrease and people will lose their jobs due to this decision. India’s online gaming industry has crossed the $20 billion mark. Between January 2021 and June 2022, gaming companies have invested $1.5 billion. The gaming industry claims that this sector is providing employment to around 1 lakh people. Current revenue is $2.5 billion, which could double by 2025.
The gaming industry believes that the GST Council’s decision has already hit the industry. This decision will affect the cash flow of the companies. Due to this, companies will not be able to focus on innovation in the gaming industry, as well as investment in the sector will decrease. The decision may lead to job losses in the online gaming sector. Also it will be difficult for Indian companies to compete with foreign companies. This decision is a huge loss for online gaming consumers. With 28 percent GST, online gaming has become too expensive for them.
.
Taylor Swift’s latest album, The Life of a Showgirl, includes a track inspired by the…
Get ready to go back in time! One of the most iconic and beloved sci-fi…
Bridgerton creator Chris Van Dusen is making his Netflix comeback with an all-new drama series…
Fans of Timothée Chalamet have a sweet reason to celebrate — his 2023 hit film…
The wait is almost over for Abbott Elementary fans! The much-loved mockumentary-style comedy is set…
PAN Card Application Process: A Complete Guide A Permanent Account Number (PAN) Card is an…