goods and services tax council

More than 125 companies from India's nascent online gaming industry warned the government that the sector could face a massive loss of investments and jobs following a decision by the Goods and Services Tax Council to increase tax rates sharply.Earlier this week, the council imposed a levy of 28% at entry points on full face value for online gaming. It's a blow to an industry which caters to over 420 million Indians, a customer base bigger than the population of the US. Stocks of gaming firms such as Nazara Technologies…

Finance Minister Nirmala Sitharaman on Tuesday said the GST Council is deliberating on taxation policy for online gaming and exuded confidence that the sector will attract investment once it is finalised.She was responding to a question from a Korean gaming company Krafton on what are India's plans to attract foreign investment in gaming companies.The minister said the discussion is going on at the ministerial level in the GST Council into various aspects of online gaming, including taxation and regulation.The Goods and…