- September 2, 2023
The latest amendments to the goods and services law made it clear that games are of two kinds under the broad cover of online games. Online games without money and online money games. The higher tax slab is for online money games not for online games.
All leading online gaming platforms including established ones like lotusbook247 sign up continue to get consumers for both types of games. It ensures that gamers will get an opportunity to play for higher amounts of prize money. And if they have to pay tax on face value of every bet and then high income tax on prize money, still a gamer will be left with a good amount for herself.
Online real money games are games in which a gamer puts in money or a token into a virtual digital account with lotusbook247 sign up or invests any form of digital assets before playing. The aim of such a gamer is to increase the invested amount and get a handsome reward in case the bet is successful. Goods and services authorities consider this sort of betting as speculation. That is why other such sports such as horse racing and casino are also under the same goods and services tax bracket.
So casual games which do not involve betting with money or any digital form of currency are outside the latest higher tax slab levied by the GST council. For entertainment, or just for passing time, a gamer does not have to invest any money or pay a higher tax.
A professional with lotus book 247 sign up overconfidence in gaming skill and enough experience to deal with any upset is bound to try even with a higher tax burden. The net amount will be worth enough to take the risk of betting.
Industry feels that the latest taxes are not fatal and they have the potential to emerge stronger. And some established online gaming companies may go for consolidation to grow stronger.
