GST On Online Gaming: Ever since the GST Council has decided to impose 28 percent GST on online gaming, there has been opposition to the decision.
GST Council Meeting: The decision to impose 28 percent GST on online gaming is facing a lot of opposition from within the government as well as from the gaming industry. In such a situation, the GST Council meeting is going to be held on August 2, 2023, to impose 28 percent GST on online gaming, casino and horse racing.
After imposing 28 per cent GST on online gaming, casino and horse racing, a proposal to amend the GST law and approve the rules can be placed before the GST Council in this meeting. In this meeting, a decision will be taken on whether 28 percent GST should be imposed on the entry value or on every stake.
In the GST Council meeting held on July 11, 2023, in-principle approval was given to levy 28 percent GST on online gaming, casino and horse racing. But the decision on amendment in GST law and framing of rules will be taken in this meeting to be held through video conferencing.
There is a lot of opposition to the decision to impose 28 percent GST on online gaming. Information Technology Minister Rajeev Chandrasekhar said that his ministry would ask the GST Council to reconsider its decision. At the same time, investors associated with the online gaming industry are calling it extremely dangerous.
These investors have written a letter to Prime Minister Narendra Modi expressing their desire to meet him regarding this issue. These investors wrote in their letter that they invested thinking that they would make India the gaming capital of the world. This will increase employment opportunities in the country, billions of dollars of foreign investment will come. Due to this, India will become an exporter in the field of gaming, animation, AI, visual effects. But the decision of 28 percent GST will prove to be very painful for the gaming sector. Due to this, the investors who have invested $ 2.5 billion in the sector will have to write-off.
