- July 28, 2023
A couple of days ago there was big confusion and disbelief among top management of online gaming companies regarding goods and services tax. The Goods and services tax council came up with a 28 per cent tax on online gaming companies. Naturally, all gaming companies were unhappy.
But there is one misunderstanding that all parts of online gaming will attract the same higher slab of goods and services tax. The revenue secretary to the government of India today clarified that only those games which involve betting are levied 28 per cent tax. The games without betting still have only an 18 per cent tax. This means that gamers who come to lotus book 247 sign-in without betting will not have to pay the higher tax. They can enjoy gaming at the same lower rate.
The council felt that gaming with stakes involved like betting leads to addiction among gamers. Most of these gamers are youngsters in their late teens or early 20s. This factor also was taken into consideration while imposing a higher rate of goods and services tax on gaming with stakes.
There are many games which do not involve betting. These games online versions of some popular sports are just for entertainment. Many gamers who come to lotusbook247sign in are for entertainment and do not want to register. They also do not spend much time on the online gaming platform. These gamers need not worry about the higher rate of taxation. They will continue to enjoy the innovative games.
Now there is considerable debate among gaming companies including lotusbook247sign in on the need for innovation and creativity. They can create games without betting to attract more gamers and reduce the losses of the higher taxation burden.
The aim of the Goods and services council decision is to deter young men and women from addiction to games. The decision it is hoped will help young people to use their time in some other productive measures.
