Goods And Services Tax On Online Gaming Is Itself A Way To Legalise The Online Games

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It is believed that a group of ministers set up to discuss the goods and services tax on the gaming industry is going to keep the rate at 28 % for horse racing, and game of chance offered by various online gaming platforms. The tax rate for a game of skill could be around 18 %. The taxes will be on gross gaming revenue. There is also a possibility that they will keep lower taxes for games of skill. Both games of skill and games of chance are available to gamers on lotus book 247 sign up with real money or without money. Newcomers also get rewards on joining. The real money prizes are only for those who play with real money.

The proposals for imposing goods and services tax on the gaming industry will be out in the last week of the may or the first week of the June. Many experts belonging to the gaming industry and taxation field are of the view that it will be the right step for the gaming industry. Their view is that goods and services tax on gaming will bring gaming into the legal framework. When an industry or a service is paying taxes to the government, then it is ...
... assumed that it has legal support. Such a service or industry cannot be illegal.

The industry also wants some kind of legal support so as to get clarity on future plans. The taxation clarity will help lotus book 247 login for them to launch new services and products. The games of chance will get a new consumer base who is willing to pay with associated risks.

Games of skill are already given legal status by the courts of the country. If a goods and services tax is imposed on games of chance, then it also gives a legal sanction to such games. Under games of chance, a gamer gets horse racing, car racing, casino live, and board games like roulette.

Both games attract amateur and professional gamers. It is observed that professional likes to play games of chance for higher returns. Any gamer just needs a phone number to come to the gaming platform for lotus book 247 sign upfor any game of chance or skill. The id thus generated allows the gamer to visit any game, play races or visit a live casino. Many gaming platforms allow a gamer to keep the same id for more than one session of gaming.

The two separate taxes idea emerged after the government recognized the online gaming industry as a new age industry. The notification of the government also separated game of skill from betting and wagering, thus creating new conditions for the industry. The new developments compelled the group of ministers to have a fresh look at the taxation policy for the online gaming industry.

Whatever is the rate of taxation, the fact remains that lotusbook247 login gaming industry is entering a new phase of growth. This phase will see many domestic or home grown companies matching the best games offerings in the world.

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