- The National Academy of Customs & Indirect Taxes and Narcotics (NACIN) hosted a “Training at Workplace” event on December 19.
- The event discussed the “Levy of GST on Online Games”.
- The event was attended by members both in-person and online.
- The panel included representatives from Adipropcare, DGGI, and NACIN.
- The GST Council implemented a 28% tax on online gaming activities starting October 1, 2023.
- DGGI has issued notices worth over Rs 1 lakh crore to 71 firms in the online gaming sector.
- Many firms in the industry have laid off employees or shut down temporarily due to the taxation.
- The Indian gaming sector experienced a 28% CAGR growth, reaching Rs 16,428 crore in FY23.
- The gaming sector’s growth has now been capped at 15% CAGR, reaching Rs 33,243 crore by FY28.
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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