CosmicTaco

GST on Online Gaming Nets 412% More Revenue in Six Months

CosmicTaco · 2024-09-09T20:01:49.181424+05:30

- Finance Minister Nirmala Sitharaman announced a 412% revenue increase from online gaming, totaling ₹6,909 crore in six months. - The 28 percent GST on skill-based and chance-based online games was implemented on October 1, 2023. - Casinos also saw a 30 percent revenue increase. - India, with 442 million gamers, is the second largest market globally, and the industry is expected to grow significantly. - Despite the revenue boost, the industry faces challenges, including higher tax burdens and reduced margins. Source: [Economic Times](https://economictimes.indiatimes.com/news/economy/finance/gst-on-online-gaming-resulted-in-412-more-revenue-in-six-months-netted-6909-crore-says-finance-minister-sitharaman/articleshow/113198707.cms)

Finance Minister Nirmala Sitharaman announced a 412% revenue increase from online gaming, totaling ₹6,909 crore in six months.
The 28 percent GST on skill-based and chance-based online games was implemented on October 1, 2023.
Casinos also saw a 30 percent revenue increase.
India, with 442 million gamers, is the second largest market globally, and the industry is expected to grow significantly.
Despite the revenue boost, the industry faces challenges, including higher tax burdens and reduced margins.

Source: Economic Times