Section

Monthly GST mop-up from online gaming companies jump 400% since Oct 1

By Business Standard - 10 months ago
Monthly GST collections from online gaming companies have jumped over 400 per cent to about Rs 1,200 crore since October 1 when the 28 per cent levy on e-gaming platforms has come into effect, a senior official said on Friday. The GST Council had in August last year clarified that online gaming companies will have to pay 28 per cent Goods and Services Tax (GST) on the full face value of bets placed on their platforms. Foreign e-gaming companies were mandated to register with the GST authorities, failing which their portals will be blocked. The amendments to GST law came into effect from October 1, 2023. "There has been a jump in GST revenues from online gaming companies post October 1. From monthly revenue of Rs 225 crore, the aggregate tax paid by the sector now stands at about Rs 1,200 crore," the official told PTI. GST officers had last year sent around 71 show cause notices to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022

Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.