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Zee Business

Zee Business Exclusive Report: Govt mulls stricter norms, regulations on online gaming, betting, and gambling

The government is planning to tighten the noose around betting, online gaming, and gambling by imposing regulations to curb and bring them under legal purview, Zee Business Special Correspondent Tarun Sharma said in his exclusive report while speaking to Managing Editor Anil Singhvi. In a meeting convened under the chairmanship of the Home Affairs…

Industry ・ 10 October 2022

India Herald

IT doesn t differentiate Legal & Illegal Gambling

No matter how you acquired your gains, the government wants a minimum of 30% of them. Anywhere and however you have won money from playing any game-from a live casino show to an internet fantasy sports competition to a wholly unlicensed chance draw-you owe the government a large chunk of it, which in reality is more than 30%. If you made such gains…

Law ・ 08 October 2022

Great Andhra

IT doesn't differentiate Legal & Illegal Gambling

The Government Wants 30+ Percent of Your Gains No Matter Where You Got Them Wherever and however you have stricken a winning from playing whatever game, from a live casino entertainment, an online fantasy sports tournament, to a completely illegal chance draw, you owe to the government a substantial portion of it, which in practice is exceeding 30…

Law ・ 08 October 2022

Mint

GST on betting and gambling: Tax structure and liabilities in case of default

Gambling and betting, whether online or offline, are supplies of services as per the goods and services tax (GST) law. Currently, an 18 per cent GST is levied on online Games of skill, while a 28 per cent GST is levied on online games of chance According to Archit Gupta, Founder & CEO, Clear, GST is computed on gross gaming value or stake instead…

Finance ・ 02 October 2022

Wild Casino

$5,000 Welcome Bonus

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Mint

What are the revenue streams of online gamers and how are they taxed?

Online gaming industry in India has seen unprecedented growth in the past few years. From live streaming of video games, to fantasy sports to online gambling, there are various types of online gaming that generate income. Users should know about the taxation of such revenue that varies depending on the nature of income. Income of professional…

Strategy Guide ・ 20 September 2022

Mint

I-T dept's idea of gross winnings can kill online gaming

Recent reports indicate the Department of Income Tax is taking a look at the online gaming industry, and trying to assess possible tax evasion. Nitin Gupta, Chairman CBDT, has said a single online platform had ₹58000 crore in "gross winnings" over the last three years and the IT Dept is contacting winners to ask them to pay up tax dues. The…

Winnings ・ 07 September 2022

CNBC TV 18

I-T Dept Tells Online Gaming Winners To ‘Voluntarily’ Pay Taxes; Indian Company Under Scanner

Direct tax officials are believed to be scrutinising data of winnings for up to Rs 58000 crore over the past three years on an Indian online gaming platform. A GoM meet on GST for online games is on today. The Income Tax Department has urged winners of online games to disclose their incomes, file updated income tax returns (ITR-U) and pay the…

Finance ・ 06 September 2022

The Hindu BusinessLine

IT Dept urges winners of online gaming platforms to file, pay taxes ‘voluntarily‘

New Delhi, September 4|Updated on:Sep 04, 2022 The Income Tax Department has urged'winners' of ₹58000 crore during the last three years on an online gaming platform to come forward and file updated or revised return and pay the required taxes. A Group of Ministers (GoM) is meeting on Monday to finalise its recommendations for GST on online gaming,…

Finance ・ 04 September 2022

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Financial Express

TDS Deduction on Online Gambling: How is TDS deducted on Online Gambling Sites?

TDS Deduction on Online Gambling Sites: Online gambling sites have to deduct TDS for payment of any amount over Rs 10000. Currently, there is no specific classification of assessees and codes for online gambling sites under the Income Tax Act. Therefore, activity-wise granular data in respect of taxes paid is not maintained by the Central Board of…

Gambling Sites ・ 03 August 2022