Online gaming companies get tax notices worth Rs 1 lakh crore

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Indian tax authorities have issued show cause notices worth about 1 trillion rupees ($12.03 billion) to online gaming companies, a government official said on Wednesday.

“The total amount of show-cause notices sent to online gaming companies is around Rs 1 lakh crore,” an official said on October 25, requesting anonymity.

The government and online gaming are in a tussle over the payment of 28 per cent Goods and Services Tax (GST) instead of 18 per cent for the period up to October 1, 2023. While the online gaming firms feel the 28 per cent tax is applicable only starting October 1, the government is of the opinion that the October 1 revision only provided clarity to a law that was already in force.

The official, however, said that there is no data yet of foreign gaming companies registering in India since October 1.

The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1.

The GST Council had in August clarified that 28 per cent Goods and Services Tax (GST) would be levied on the full value of bets placed on online gaming platforms.

“Online gaming companies served notices worth about Rs 1 lakh crore by GST authorities so far,” the official said.

A host of online gaming, like Dream11, and casino operators, like Delta Corp, received GST show cause notices last month for alleged short payment of taxes.

Separately, a show cause notice was sent to GamesKraft in September last year for alleged GST evasion of Rs 21,000 crore.

While the Karnataka High Court has ruled in favour of the company, the central government in July filed a Special Leave Petition (SLP) in the Supreme Court.

With inputs from agencies.



from Firstpost India Latest News https://ift.tt/8oG7iTe
FP Staff

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