The online gaming industry expects small business houses to shut down their operations as gamers move to greener pastures in countries such as the UK and Sweden without any legal recourse in case of any dispute.
Industry estimates GST loss of over $4 billion with gamers moving offshore. This is much higher than the $3.5 billion in revenue generated by India’s real-money game industry. The sector itself contributes over ₹25,000 crore in annual taxes.
The online gaming industry faces uncertainty over a 40 per cent sin tax even as the Supreme Court is looking into all the issues pertaining to this industry including whether online gaming is a state or central subject and whether online skill-based games played for stakes amount to gambling and betting.
Read more at: The Hindu businessline
Share this content: