gaming tax

Hi, this is Pranav Mukul in New Delhi. This week, besides the heavy rains that lashed large parts of India, the country’s online gaming sector was struck by lightning when the GST Council hit it with a 28% indirect tax on the full value of what users pay. This led to much thunder and fuming in the industry as few were expecting this.“We have been waiting for the GST Council’s decision for almost three years so that there is some clarity on taxation, but this is a shocker,” a founder of an online gaming unicorn said.To…

Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday.New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.The government on Tuesday announced the levy on the $1.5 billion (nearly Rs. 12,300 crore) online gaming industry, which has surged in popularity in recent…

New Delhi: The online…