India to review 28% GST on online gaming after March
Tax from online gaming companies amounted to 34.7bn rupees since it was implemented.
India.- Revenue secretary Sanjay Malhotra disclosed plans for an evaluation of the 28 per cent goods and services tax (GST) introduced on online gaming last year. The review will take place after March 31.
Since implementation in October, the GST has generated 34.7bn rupees (US$418m) in tax revenue, with projections estimating 140bn rupees for the fiscal year 2024-25. Gaming firms have faced increased tax scrutiny, with authorities issuing 71 notices for alleged GST evasion totalling over 1.12tn rupees.
During an interview with Bloomberg, Malhotra said that 53 foreign gaming companies have faced access restrictions for non-compliance with tax regulations. The government is also considering revisions to the capital gains tax regime, with potential amendments expected in the upcoming budget presentation in July.
See also: SC to hear final arguments on 28% GST on online gaming industry in April
