GST levied on online gaming companies not being applied retrospectively

The Goods and Service Tax (GST) imposed on online gambling enterprises has not been retroactively applied, according to Indian officials. The regulations regulating the taxation of online gambling in India have lately undergone substantial changes according to the Goods and Service Tax Council.

Regardless of whether the gaming activities fall under the category of skill games or games of chance, the new framework will apply a GST rate of 28 percent to online gaming. It has been made clear that this tax will not be applied retrospectively, however.

While the other 13 states and union territories in India are still working on absorbing the modifications, 18 states and union territories have already made the required revisions to their GST statutes to adopt these changes.

Concerns have been expressed concerning the planned 28 percent GST’s possible effects on online gaming companies. Atishi, the finance minister for Delhi, issued a warning that it would have a negative impact on the startup industry in India, perhaps resulting in large job losses and impeding foreign investment.

Original story by: Asia Gaming Brief