online gaming tax – pressnews

Partial relief on tax for online gaming firms? Find out

2Aug

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Technology

Partial relief on tax for online gaming firms? Find out

[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...

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

23Jul

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

[ad_1] 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 proc...

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

14Jul

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Technology

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

[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...

GST Council slaps 28% tax on turnover of online gaming firms

11Jul

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GST Council slaps 28% tax on turnover of online gaming firms

[ad_1] During its 50th meeting held on Tuesday, Goods and Services Tax (GST) Council has decided to impose a 28% indirect tax on the turnover on online gaming companies. The GST Council, comprised of state finance ministers and chaired by Union Finance Minister Nirmala Sitharaman, had earlier formed a panel to look into taxing casinos, horse racing and online gaming.It has not previously been able to decide whether to impose a 28% GST on the face value of bets, or gross gaming revenue, or just on platform fees. West Bengal finance minister Chandrima Bhattacharya said, “GST Council has decided that online gaming, casinos and horse racing will be taxed at 28 per cent at entry point on full face value of bets," she told reporters here.” Sudhir Mungantiwar, Maharashtra forest cultural and f...

India tax body clarifies Sports Utility Vehicles definition, defers tax on online gaming

17Dec

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Technology

India tax body clarifies Sports Utility Vehicles definition, defers tax on online gaming

[ad_1] The body did not discuss a report prepared by a ministers' panel on how online gaming companies and casinos should be taxed. India's Goods and Services Tax (GST) Council on Saturday decided to have a single definition across all states in the country for sports utility vehicles, attracting a higher tax rate.Currently cars with engine capacity exceeding 1500 cc, length exceeding 4000 mm and having ground clearance of 170 mm attract a GST of 28% and a 22% cess, taking the effective tax rate to 50%. However, states do not have a consistent definition define a vehicle as a SUV, leading to confusion among automakers. The council, composed of state finance ministers and chaired by the federal finance minister, decided that all the criteria including engine capacity, length and ground...