India deals a 28% tax blow to online gaming

News Summary

  • It also tasked the gaming industry to form self-regulatory bodies.“Our intention is not to end online gaming, casino, horse racing.
  • The council said there should be no distinction between “game of skill” and “game of chance,” closing a loophole that has allowed fantasy sports companies to justify their offerings as skill-based.Online gaming is one of the fastest growing consumer internet businesses in India.
  • But all these have become so complex that go this route or go that route, each route has transparency to a certain extent, but after that, it is opaque,” Sitharaman said.RIP – Real money gaming industry in India.
India unveiled a significant tax increase on turnovers of online gaming companies on Tuesday evening in a major blow to the fastgrowing industry that was quick to label the move as catastrophic an [+2763 chars]