Source: Tencent Technology Author:
India’s Goods and Services Tax (GST) Council has imposed a 28% tax on the turnover of online gaming and gambling industries.
The stock price of Indian gaming company Delta fell by more than a quarter, and other online gaming companies also saw their stock prices decline on Wednesday. This is due to the GST Council’s decision to levy a 28% tax on the turnover of these companies.
This move is a setback for the online gaming industry, which has attracted $1.5 billion (approximately ₹107.8 billion) in foreign investment. Industry representatives stated that the tax will reduce their profits, and the additional costs may be passed on to users.
Unlisted gaming companies like Dream11 and Mobile Premier League (MPL) have attracted substantial investment. Dream11 is valued at $8 billion and is backed by Tiger Global, while Peak XV (formerly Sequoia Capital India) has invested in MPL.
Indian casinos will also be affected. Tax officials Vivek Johri stated on Tuesday that the new 28% tax “will apply to the value of chips purchased by a person before playing the game.”
Under current Indian laws, customers will still need to pay separate income taxes on their winnings from online gaming or casinos.
Gaming company Nazara Technologies, which licenses games for some children’s brands, said that the new regulation will have a minimal impact on its overall revenue, as it will apply to the real-money gaming (RMG) business, which accounts for 5.2% of its total revenue in 2023.
Nazara’s stock price fell by up to 14%, and OnMobile Global’s stock price dropped by 9%, though it later recovered some of its losses.
Amit Kumar Gupta, founder of financial research firm Fintrekk Capital, commented that valuations of private players might collapse due to the taxation on casino entry fees and prepaid fees for mobile client games.
Delta Corp did not immediately respond to requests for comment, and Dream11 and MPL declined to comment.
As of Tuesday’s close, Nazara and Delta’s stock prices had increased by 21.6% and 15.9%, respectively, while OnMobile had decreased by 11.9%.
Here is some related information about the recent tax changes on online gaming and gambling in India:
1. What is the new tax rate on online gaming and gambling in India?
2. When did this new tax regulation come into effect?
3. How will this tax impact online gaming companies?
4. What effect will this tax have on casino operations?
5. Which companies are affected by this tax?
6. How have companies reacted to this tax change?
7. What is the legal requirement for declaring winnings?
8. How might the new tax affect investors?
9. Are there any exemptions or special conditions for this tax?
10. What should consumers expect in terms of costs?
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