- India’s gaming industry, which has seen annual growth rates of 28%-30% in the last five years and attracted over $2.5bn in overseas investment, is at risk of being wiped out by a new 28% tax on every sale made to players.
- The tax applies to the full face value of gaming transactions, including player winnings, and will exceed 50% once platform commissions and income taxes are taken into account.
- The industry, which employs 50,000 people and was expected to add another 350,000 jobs by 2028, fears the tax will lead to a “funding winter” and put off investors. Shares in Indian online gaming platforms and casinos have already fallen.
Source Innovate Tax
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