GST Surge: Online Gaming Tax Revenue Skyrockets 412%
Finance Minister Nirmala Sitharaman announced a 412% increase in GST revenue from online gaming within six months, following a 28% tax implementation starting October 1, 2023. The update was shared during the 54th GST Council meeting, covering revenue collection from casinos, online gaming, and horse races.
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In a significant development, Finance Minister Nirmala Sitharaman disclosed a remarkable surge of 412% in GST revenue from online gaming over just six months since October 1, 2023. This announcement was made during a press briefing after the 54th GST Council meeting.
Sitharaman revealed that the GST revenue from online gaming skyrocketed to Rs 6,909 crore, compared to Rs 1,349 crore before the 28% tax imposition on entry-level bets. This policy clarification resolved ambiguity between games of skill and chance, compelling online gaming entities to comply fully.
The Council also discussed revenue boosts from other sectors such as casinos and examined tax exemptions for research and development services provided by various institutions. Offshore gaming platforms were mandated to register for GST, with non-compliance leading to site blocks.
(With inputs from agencies.)
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