GST Council to meet on August 2 to finalise 28% online gaming tax: Report
India TodayThe Goods and Services Tax Council is scheduled to meet on August 2 to make crucial decisions on taxing funds collected by online gaming companies and casinos, reported news agency Reuters quoting a government official. The council, chaired by Finance Minister Nirmala Sitharaman and consisting of state finance ministers, will deliberate on whether to impose a 28 per cent tax on the total funds deposited for playing an online game or opt for a tax on each bet placed. Foreign and domestic investors, including Tiger Global, Peak XV, and Steadview Capital, have urged Prime Minister Narendra Modi to reconsider the tax, highlighting the potential adverse impact on approximately $4 billion in prospective investments. Revenue secretary Sanjay Malhotra acknowledged the industry's concerns about high taxation with each bet and assured that this aspect would be taken into account during the GST Council's decision-making process.