The government's proposal to tax online gaming at the highest rate under the goods and services tax (GST) has the sector concerned about its prospects for future expansion. It was reported that a proposal from the group of state finance ministers to collect a 28% GST on casinos, and horse racing, along with online gaming, is expected to be reviewed by the GST Council at its upcoming meeting on June 28. Online gaming should be taxed at the entire value of the consideration, including the contest entry fee paid by the player upon participation in the game, according to a recommendation made by the Group of Ministers led by Meghalaya chief minister Conrad Sangma. However, executives and online gaming industry experts have expressed concerns. According to them, it could slow down the expansion of online gaming companies and force fantasy sports companies to provide smaller prize pools, which could cause their loyal customers to quit the platforms in pursuit of greater games. Kowshik Komandur, AVP with one of the leading mobile entertainment companies, OnMobile Global Limited, shared his opinion regarding this matter with News18. According to him, the online gaming industry revenue is poised for a manifold increase of revenue… Read full this story
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