Online Gaming: Finance minister Nirmala Sitharaman expects Online gaming to attract investment once tax policy is finalised – Since lockdown in 2020,…
Online Gaming: Finance minister Nirmala Sitharaman expects Online gaming to attract investment once tax policy is finalised – Since lockdown in 2020, Online Gaming has experienced a substantial growth. With the number of users increasing, the online gaming sector is likely grow to Rs 29,000 crore by 2024-25, from Rs 13,600 crore in 2021, which is more than 100%. While addressing the Indian diaspora in Seoul, Finance Minister Nirmala Sitharaman commented on Taxation policy for Online Gaming as 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. Here’s all you need to know about it. For future updates on Esports and Online Gaming, follow Flizzyy.com.
The minister said that the discussion is going on at the ministerial level in the GST Council, chaired by herself and other finance ministers of states into various aspects of online gaming, including taxation and regulation.
Talking to Indian diaspora in Seoul, South Korea, the minister said, “Once the policy certainty arrives, taxation becomes more … clear, it will attract investors. “
Read More: Online Gaming Regulations: MeitY likely to restrict Payment Gateway access for Non-permissible Online Games, CHECK DETAILS
Online Gaming: Finance minister Nirmala Sitharaman expects Online gaming to attract investment once tax policy is finalised
This issue of imposing Goods and Services Tax (GST) has been going on for couple of years with numerous states demanding lower tax on online games, which require skill and than luck.
A final decision on the taxation on online gaming is likely to take place by the GST Council in its next meeting, which might be around either this month or in June.
Last month, the Ministry of Electronics and IT (MeitY) notified norms for the online gaming sector, which categorically sidelines all such games involving betting and wagering. So, it remains to be seen how things pan out in the coming months and years. For future updates on Esports and Online Gaming, follow Flizzyy.com.
Read More: Online Gaming Regulations: Industry Stakeholders Laud the New Amendments By Meity In Online Gaming Industry, CHECK DETAILS