- September 19, 2023
There are concerns that the Supreme Court ruling which is about to come in the near future can damage the online gaming industry if it is unfavorable. In the case of unfavorable judgment, the online gaming industry may have to pay retrospective taxes.
Real money gaming is the games in which gamers bet or wager in the hope of winning more than the bet money. The betting and wagering are involved in real money gaming only. The famous and popular online gaming platforms like lotusbook247 sign in allow gamers to place bets on casino and races.
There is no taxes if a gamer puts the winning amount back into wagering. Gamers with skill and experience of gaming often go for real money games. It allows them to create huge opportunities with technical tips lotus book 247 sign in or from the same online gaming platform on which a gamer plays a game.
However, now the Supreme Court is about to hear a case where retrospective tax burden could come. The case is about the alleged tax evasion of rupees 21, 00 crore by skill game firm Games Kraft. This is considered the biggest such indirect tax claim by experts. Now the decision of the Supreme Court will come in the next few weeks. The decision will determine the positioning of the skill gaming industry in the country. In case of additional tax liabilities on the already high goods and services tax of 28 per cent, the skill gaming industry will come under a huge tax burden.
It is another matter that authorized and already established players like lotus book 247 sign in will continue flourish. The basic fundamental conditions are in their favor. The first is the strong consumer, that is gamer’s base. Second, the transparency in their business which makes them the first preference for gamers. The revenue from advertising and growing gamer base will protect such online gaming platforms.
