Online gaming laws – pressnews

[ad_1] After talking tough last time around, the government has sought to provide partial relief to online gaming companies today. Government has decided to levy taxes on online gaming companies on the total funds deposited to play online games and not on every bet, Reuters quoted Finance Minister Nirmala Sitharaman as saying on Wednesday.Last month, the government said it had decided to impose 28% tax on funds that online gaming companies collect from their customers for every bet. The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, Finance Minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making bod...

[ad_1] 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 foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday.New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so. The government on Tuesday announced the levy on the $1.5 billion online gaming industry, which has surged in popularity in recent years, attracting foreign investment. The industry has warned of job losses and reduced earnings, while analysts have said some may explore relocating to other countries.Online gaming companies relocating to avoid paying tax on the revenues they collect from customers is not going be easy, Johri, chairman of Central B...

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Partial relief on tax for online gaming firms? Find out

Indian online gaming firms relocating to avoid tax will be ‘risky’ – official