Strong vigil at virtual world helped taxman garner over Rs.700 crore during April-Sept 2023

As taxman has kept a strong vigil on the income from virtual world sectors like online gaming, virtual digital asset transactions, and the business being run by influencers, finfluencers, YouTubers, etc, these sectors have already started contributing largely to the direct tax collections.

Talking to CNBC-TV18 in an exclusive conversation, the Chairman of the Central Board of Direct Taxes Nitin Gupta shared that tax collections from the online gaming sector in the first half of the current fiscal have already touched ₹600 crore. Similarly, collections from virtual digital asset transactions have also yielded ₹105 crore.

“Online gaming, if you see the finance act we came out with a new regime together, a refined and revised regime from April 1, and in the last 6 months, about ₹600 crore TDS collections have been received from this sector. We feel that taxpayers have taken it in nice stride and we expect the collections to grow further,” Gupta said.

Read more at: CNBCTV18