- June 30, 2023
Since the consumer base and popularity of the gaming industry have been on the rise in the last couple of years, the government has decided to increase taxes on the industry. The number of gamers who come to gaming platforms and play the games with lotusbook247 sign-in has also shown tremendous manifold growth during the pandemic period.
A group of ministries formed by the government to suggest taxation policy for the gaming industry had recommended an increase in taxes up to 28 % from the current 18 % of goods and services tax. The group submitted its report to the GST Council with a recommendation for a higher tax on the gaming industry. Along with the higher tax, the group also mentioned in the report that tax be levied on the entire gross gaming revenue and prize pool formed by gamers.
A number of gaming companies including lotusbook247 sign-in have come together to ensure that there is no higher goods and services tax on the gaming industry. They have sent a representation to the central board of indirect taxes & customs. The appeal has been sent through the FICCI gaming committee. The appeal is to urge the central not to impose a higher tax on the gaming industry.
The online gaming companies feel that a higher tax of 28 % goods and services tax on the gaming industry will adversely affect the industry when it is dealing with new challenges. The gaming industry wants lower tax up to 18 % goods and services tax of 18 % maximum. Any increase beyond this tax bracket will discourage the consumer base as companies may be forced to pass on the increase to gamers in the form of some registration fee, etc. since there is intense competition in the online gaming industry, many small players will come under tremendous pressure.
Currently, all leading online gaming players lotus book 247 sign in are paying goods and services tax on platform fees and gross gaming revenue GGR at a rate of 18 %. They also offer a handsome welcome bonus.
