The online gaming industry is paying tax of only 2 per cent of the estimated turnover at present and by bringing in a uniform Goods and Services Tax (GST) rate of 28 per cent for online gaming, the government could earn ten times more than Rs 1,700 crore collected in the financial year 2022-23(FY23), Revenue Secretary Sanjay Malhotra said on Wednesday.
In an interview with The Indian Express, Malhotra said the potential size of the online gaming industry is around Rs 50,000-85,000 crore.
“Rs 1700 crore is the revenue that we got last year from online gaming in 2022-23, around Rs 300 crore from casinos in the two states and about Rs 80 crore from horse racing last year…the online gaming (industry) is paying only about 2 per cent, so you multiply it by 50. That becomes around Rs 85,000 crore (industry size)…(at 28 per cent GST) about ten times what we are getting,” Malhotra told The Indian Express.
Read more at: Indian Express
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