GST on Online Gaming Nets 412% More Revenue in Six Months

• Finance Minister Nirmala Sitharaman announced a 412% revenue increase from online gaming, totaling ₹6,909 crore in six months.
• The 28 percent GST on skill-based and chance-based online games was implemented on October 1, 2023.
• Casinos also saw a 30 percent revenue increase.
• India, with 442 million gamers, is the second largest market globally, and the industry is expected to grow significantly.
• Despite the revenue boost, the industry faces challenges, including higher tax burdens and reduced margins.

Source: Economic Times