The meeting of the GST Council, chaired by the Union
finance minister and comprising her state counterparts,
is likely to be held by the end of December after the
conclusion of state elections in Gujarat and Himachal
Pradesh to consider the report of the GoM on taxation of
online gaming, casinos and horse racing.
Earlier in June, the Group of Ministers, under Meghalaya
chief minister Conrad Sangma, had suggested the GST
Council that the online gaming sector should be taxed at
28 per cent. The GST Council, however, asked the GoM to
further deliberate on the taxation of online gaming,
along with casinos.
Industry has been demanding that games of skill should continue to be taxed
at a lower rate as a higher tax rate would substantially reduce the prize
money.
Currently, a 28 per cent GST is levied on 'games of chance', which
involves some form of betting/gambling, while skill gaming sector pays
18 per cent GST. The tax is levied on gross gaming revenue, which is the
fees charged by online gaming portals. Charging 28 per cent GST on the
entire amount, which a player deposits for a game for both categories of
online game, would reduce the prize money left for distribution and
drive away players from legitimate tax deducting portals, sector experts
say.
This may also encourage online gamers towards unlawful portals that do not
deduct tax, experts added.
Online gaming witnessed a spurt during the time of Covid lockdown with
the number of users in India rising substantially. As per a KPMG report,
the online gaming sector would grow to Rs 29,000 crore by 2024-25, from
Rs 13,600 crore in 2021.
AMRG & Associates Senior Partner Rajat Mohan said industry expects
policy-level clarity on all the critical aspects of the gaming sector,
which includes chargeability of tax on the un-played bets, valuation of
services, applicable rate of tax on game of skill/ chance, point of
taxation for gaming services, applicability of tax on bonus/cash-backs
etc.
"Policy level clarity from the GST Council is the need of the hour to
fuel growth in the entire online gaming sector," Mohan added.
Source:::
THE ECONOMIC TIMES,
dated 06/11/2022.