Online Gaming Companies Wait For Clarity On Taxation Before Next Policy Decision

By Author: lotusbook247.info
Total Articles: 47
Comment this article

Certainly the online gaming companies are not happy with the latest decision of the goods and services council to impose a higher slab of 28 per cent tax on the face value of every bet. There is a possibility that large gaming companies lotus 247 book login may be able to survive the taxation burden. There is unanimity that a higher tax will drive many small and start-ups in the online gaming companies to go broke.

The association of all gaming companies are of the view that after the amendment to the GST law to include gaming companies under the tax ambit; they will be in position to take the next step. The companies are awaiting clarification on some points. These points are vital as the survival of several online gaming companies depend on answers to these points.

The online gaming companies want to know if a user who comes to the gaming world with a platform say, lotusbook247 betting ID be levied twice. Whether a user has to pay again on the next entry with the money earned from the previous game or betting.

It is believed in the gaming world that if the ...
... tax is applied only once in the first instance, then several established or large companies may well survive the higher tax charge. The companies were expecting a tax on the gross gaming revenue. The tax is GGR (gross gaming revenue) could be managed with a large consumer base.

Instead the goods and services council came out with tax on the face value of each bid. Tax on face value of the business could increase the burden further. It means that a company needs to pay twice. First on platform fee and second from the face value of bet of a gamer. A higher taxation at face value may keep several gamers off. Thus reducing the gamer base for online gaming companies. The resultant loss of income may be unsustainable for several of them.

Another crucial point is tax on games that are allowed under the rules and regulation applied on the gaming companies in India. If a game is certified and allowed by the regulations of the concerned government ministry will that game attract lower tax or higher 28 per cent tax?
The response or clarification to these crucial points will decide the fate of the online gaming industry in the country. If response is in favour of gaming companies then large and authorized gaming companies such as lotus 247book login could be the winner as many competitors may leave the field for it.

Established online gaming companies with dedicated professional gamers’ base with lotusbook247 login ID may offer handsome rewards to offset gamers’ loss. The idea is to make gaming more attractive and lucrative. Keep the gamer base intact by increasing offerings and games without stakes.
There are still various games where a gamer need not pay any tax or amount. These are games without betting or wagering. The companies may be forced to design innovative games to keep the online gaming world interesting.

Lotusbook247.info is a genuine and legal betting platform conforming to all regulations of the land. The site offers betting on cricket, football, tennis players and teams plus live casino action. The players just need to login with WhatsApp number and get an id from the lotusbook247.info. This id enables the player to bet with real money on favourite sports and games.