Indian gov’t projects collecting $1.7 billion in GST in 2024

According to Indian Revenue Secretary Sanjay Malhotra, who was quoted by Reuters, the Indian government anticipates collecting around INR 140 billion ($1.7 billion) in goods and services tax (GST) from online gaming enterprises in the 2024 fiscal year.

The government has imposed a 28% tax on the money that online casinos collect from their customers for each bet since October of the previous year. This move sparked controversy and was seen as a setback for the rapidly expanding industry by some, but regulators justified it by pointing out that online gambling addiction is a problem in India.

During the current fiscal year, which ends on March 31, Malhotra said in an interview that the government hopes to earn around INR 75 billion ($903.6 million) in GST from online gambling companies. The tax collected INR 35 billion ($421.6 million) in only the October–December quarter, which is a significant increase above the INR 16 billion ($192.7 million) collected the previous year.

Additionally, the Revenue Secretary said that a comprehensive review of the tax system governing online gaming companies is planned for April; however, tax rates would not necessarily alter as a result of this review.

Original story by: Asia Gaming Brief