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The panel of state finance ministers is likely to recommend a uniform <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> levy of 28 per cent on <keyword id="6422069" type="General" weightage="20" keywordseo="Online-gaming" source="Orion">online gaming</keyword> irrespective of whether it is a game of skill or game of chance, sources said. However, it is likely to suggest a revised formula for calculating the amount on which the Goods and Services Tax (GST) would be levied. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals. Sources said that the GoM report is almost final and would be submitted to the GST Council soon for consideration. The Group of Ministers (GoM), chaired by <keyword id="6355772" type="General" weightage="50" keywordseo="meghalaya" source="Orion">Meghalaya</keyword> Chief Minister Conrad Sangma, had in its earlier report submitted to the Council in June suggested a 28 per cent GST on on the full value of the consideration, including contest entry fee, paid by the player, without making a distinction such as games of skill or chance. However, the Council had asked the GoM to reconsider its report. Following that the GoM took the views of the Attorney General and also met stakeholders from the online gaming industry. Although the GoM deliberated on separate definitions for 'games of skill' and 'games of chance', it finally decided to tax both as demerit goods attracting a 28 per cent GST. The message has to be clear that online gaming is a demerit good. However, some relaxation in valuation methods could be provided, sources told PTI. The GoM report in June had suggested that the GST should be levied on the entire amount received as consideration from the participant. Charging 28 per cent GST on the entire amount, which a player deposits for a game for both categories of online game, would reduce the prize money left for distribution and drive away players from legitimate tax deducting portals. This may also encourage online gamers towards unlawful portals that do not deduct tax, sector experts had said. Online gaming witnessed a spurt during the time of Covid lockdown with the number of users in India rising substantially. As per a KPMG report, the online gaming sector would grow to Rs 29,000 crore by 2024-25 from Rs 13,600 crore in 2021. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-mixed-tracking-global-cues-reliance-industries-kaynes-technology-ndtv-nykaa-among-stocks-to-watch-out-for/articleshow/95674551.cms">Indian markets open mixed tracking global cues – Reliance Industries, Kaynes Technology, NDTV, Nykaa among stocks to watch out for</a> <a href="https://www.businessinsider.in/stock-market/news/kaynes-technology-debuts-at-32-premium-on-exchanges-tops-grey-market-expectations/articleshow/95675099.cms">Kaynes Technology debuts at 32% premium on exchanges, tops grey market expectations</a> <a href="https://www.businessinsider.in/india/news/government-issues-guidelines-to-guard-against-fake-reviews-of-products/articleshow/95676593.cms">Government issues guidelines to guard against fake reviews of products</a>

Ministers' panel may recommend 28% GST on online gaming with a revised calculation formula

<ul><li>Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala, gutkha businesses among the issues to be discussed.</li><li>Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting.</li><li>With regard to taxation of online gaming, casinos and horse racing, the GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments.</li></ul> Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the <keyword id="3680839" type="General" weightage="20" keywordseo="gst-council-meeting" source="Orion">GST Council meeting</keyword> which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to increase the monetary threshold for launching prosecution for GST offences. The law committee has also suggested that the fee payable by taxpayer for compounding of GST offences be lowered to 25 per cent of the tax amount, from up to 150 per cent currently, with a view to improving ease of doing business. It has suggested raising the threshold of launching prosecution to Rs 20 crore, from Rs 5 crore at present. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. The report of the GoM on tax evasion by pan masala and gutkha companies is likely to be taken up for discussion in the Council, sources said. With regard to setting up of Goods and Services Tax Appellate Tribunals (GSTATs), the GoM has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as President, sources said. The GoM on GSTATs was set up in July under the chairmanship of Haryana Deputy Chief Minister Dushyant Chautala. With regard to taxation of online gaming, casinos and horse racing, the GoM, in its last meeting in November, had agreed on a 28 per cent GST on these segments. However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the GoM had decided to refer all suggestions to the GST Council for a final decision. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-indians-have-spent-their-money-on-swiggy-in-2022/slidelist/96285686.cms">Spending ₹75,000 on an order to buying groceries worth ₹16.6 lakh, here’s how Indians used Swiggy in 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

GST Council meet: decriminalisation, tax evasion in pan masala, gutkha biz on agenda

New Delhi, The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and <keyword id="4742340" type="General" weightage="80" keywordseo="integrated-goods-and-services-tax" source="Orion">Integrated Goods and Services Tax</keyword> (Amendment) Bill, 2023 in the Lok Sabha. The union cabinet earlier this week had cleared the two bills. The amendment in the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos. Similarly, states too will have to amend their individual GST legislations separately. If the bill is passed in the day, the new tax system will become applicable from October 1, as was decided in the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST council</keyword> meeting held earlier this month. It was decided in that meeting that 28 per cent levy on online gaming, casinos and horse racing will become applicable from October 1 onwards and will be reviewed for six months, and if need arises, changes could bemade in the tax structure after that. Friday being the last day of the monsoon session of Parliament, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will introduce the two bills and if the House business continues, then it will also seek to get the two bills passed. Considering the fact that the GST council had to meet twice within a month owing to continuous representations from the gaming industry, seeking to ease the 28 per cent tax slab on gaming, the bills are likely to be pushed for passing as the applicability of the new tax slab is October 1. --IANSans/dpb

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

TurboTax will run a 60-second advertisement at this year's Super Bowl as part of a new campaign to persuade Americans that filing their own taxes is not an imposing, time-consuming hassle, but a way of celebrating the successful year that was.
TurboTax's parent company, Intuit, announced Tuesday that the ad will be created by the Portland office of Wieden+Kennedy and air during the game's second quarter.
The online tax preparation service's "It's Amazing What You're Capable Of" campaign, also from W+K, began New Year's Day with the release of <a href="http://www.youtube.com/watch?v=veBYze8C6VQ">a 90-second commercial</a> that linked personal milestones like buying a house or getting married to filling out information about the events on TurboTax. The brand will also air three other new spots on television and online in the weeks leading up to the game.
Here's the "Year Of You" ad TurboTax unveiled for the New Year:

"We recognize that fear and uncertainty cause millions of people to doubt that they can prepare their own simple tax return," Greg Johnson, vice president of marketing for Intuit TurboTax, said in a statement. "Our new campaign celebrates the amazing things people do on their own every day and shows them that they're fully capable of getting their taxes done right with TurboTax."
This is the first year TurboTax will advertise at the Super Bowl, which takes place Feb. 2 at MetLife Stadium in New Jersey. Its parent company, Intuit, has also purchased a 30-second ad block during the second quarter that it will give to the winner of an online contest it is holding for small businesses. You can check out the four finalists vying to advertise at the game <a href="https://www.smallbusinessbiggame.com/">here</a>.
Though the price of <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> at the Super Bowl has <a href="http://www.businessinsider.com/fox-sells-out-of-super-bowl-ad-slots-2013-12">reached an all-time high</a> of $4 million for a 30-second ad, Johnson said the Super Bowl's huge, live audience (108.4 million Americans <a href="http://espn.go.com/nfl/playoffs/2012/story/_/id/8913211/2013-super-bowl-falls-short-television-ratings-record">watched last year's game</a>) will allow TurboTax to push its message to a huge number of its target consumers.
"Supporting our new creative is a media strategy that takes advantage of the biggest, DVR-proof opportunities to engage with our target consumers across channels," Johnson. "We are connecting with our core customers where they are, and in early February, they're watching the big game."
Here are two of the other ads TurboTax has released as part of the "It's Amazing What You're Capable Of" campaign:

TurboTax Will Try To Make Doing Your Taxes Look Fun At This Year's Super Bowl

Chandigarh, Jun 29 (PTI) The <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> Council on Wednesday deferred decision on levying a 28 per cent tax on casinos, online gaming, horse racing and lottery pending more consultations with stakeholders, Union Finance Minister Nirmala Sitharaman said. A group of ministers headed by Meghalaya Chief Minister Conrad Sangma has been asked to consider submissions of stakeholders again on the valuation mechanism and submit its report by July 15, she told reporters here. The council will meet again in the first week of August to decide on the issue, she said. A two-day meeting of the panel considered a report of the GoM but deferred a decision as Goa and some others wanted to make more submissions. The GoM had recommended that online gaming should be taxed at the full value of the consideration, including the contest entry fee paid by the player on participating in the game. In cases of race courses, it had suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers. It also recommended that no distinction should be made on grounds of game of skill or game of chance for the purpose of the levy of GST and should be taxed at the highest rate of 28 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zepto-dunzo-among-the-next-122-unicorns-from-india-heres-the-complete-hurun-list/articleshow/92545281.cms">Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-could-slide-to-82-as-a-strong-dollar-is-nullifying-rbi-efforts/articleshow/92543254.cms">Rupee could slide to 82 as a strengthening dollar is nullifying RBI efforts</a>

GST on casinos, lotteries, horse races deferred as Nirmala Sitharaman reconsiders

<ul class="summary-list"><li>Nearly half of US sports bettors placed an illegal bet over the past year.</li><li>It's costing state government millions in tax revenue.</li></ul>Millions of Americans <a href="https://www.americangaming.org/resources/2022-fifa-world-cup-wagering-estimates/">placed bets on the World Cup</a> over the past month, but <a href="https://frontofficesports.com/u-n-illegal-sports-betting-reaches-1-7t-annually/">many likely did so illegally</a>. Illicit sports betting — and illegal gambling more broadly — is costing states millions in tax revenue, and someday, taxpayers could be called upon to foot part of the bill.Americans are projected to place $100 billion in legal sports bets this year through platforms like DraftKings, FanDuel, and BetMGM, according to a November <a href="https://www.americangaming.org/resources/sizing-the-illegal-and-unregulated-gaming-markets-in-the-u-s/">American Gaming Association</a> report, which included a September survey of over 5,200 US adults. At that time, <a href="https://www.pewresearch.org/fact-tank/2022/09/14/as-more-states-legalize-the-practice-19-of-u-s-adults-say-they-have-bet-money-on-sports-in-the-past-year/">35 states plus D.C.</a> had legalized sports betting in some form, either online, in-person, or both.But the report also found 49% of sports bettors have placed at least one bet with an illegal operator over the past year — 15% did so for all their bets — and estimated these operators account for nearly 40% of the US sports betting market. These operators tend to be <a href="https://www.americangaming.org/illegal-sports-betting/">online sportsbooks based in other countries</a>. For state governments across the country, this <a href="https://www.bloomberg.com/news/articles/2021-12-09/illegal-sports-betting-nears-1-7-trillion-annually-u-n-says">isn't just a legal problem</a>. Illegal sports betting is costing them millions in tax revenue — an estimated $700 million in total revenue per year, per the AGA report. Legal sports betting has surged in the US since the <a href="https://www.businessinsider.com/supreme-court-sports-betting-decision-what-it-means-2018-5">Supreme Court paved the way for it in 2018</a>. As of November, it's <a href="https://www.actionnetwork.com/news/legal-sports-betting-united-states-projections">legal to bet on sports</a> in 31 states plus D.C. It's legal, but not yet operational, in five others. Legalization has been a <a href="https://news.bloombergtax.com/tax-insights-and-commentary/states-are-betting-on-tax-revenue-from-online-sports-wagering">boon for states' tax coffers</a>, and is among the reasons <a href="https://www.pewtrusts.org/en/research-and-analysis/articles/2022/09/07/tax-revenue-in-most-states-surpasses-pre-pandemic-growth-trend">many states' tax revenues have fully recovered</a> from a pandemic dip. New York state for instance, is on track to collect over $650 million dollars in <a href="https://www.gamingtoday.com/revenue/">tax revenue from sports betting</a> this year, per one projection. If the <a href="https://markets.businessinsider.com/news/stocks/recession-outlook-2023-q1-forecast-inflation-stock-market-recommendations-bofa-2022-12">US enters a recession</a>, however — as many experts expect it to in 2023 — state governments <a href="https://taxfoundation.org/income-taxes-are-more-volatile-than-sales-taxes-during-recession/">might see their tax revenues stall</a>. States lost nearly a third of total tax revenues during the Great Recession, per an <a href="https://www.ibrc.indiana.edu/ibr/2013/fall/article2.html">Indiana Business Review</a> analysis. If an economic downturn does come, and if states raise taxes down the road to make up the revenue shortfall, illegal sports gambling could be among the reasons why.<h2>Other forms of gambling are costing states even more money</h2>Despite its prominence on many <a href="https://www.npr.org/2022/06/18/1104952410/sports-betting-ads-sports-gambling">commercials and billboards</a>, many gamblers aren't betting on sports. Per the AGA report, sports betting accounts for under 10% of the illegal total gambling market in the US. Online slots and table games, as well as unregulated machines, account for over 90% the industry's total legal revenues. These forms of gambling are prominent among illegal gamblers as well, and they're costing states far more in tax revenue than sports betting — over $10 billion combined per the AGA report. 48% of online slots and table games gamblers reported betting at least once illegally over the past year, and an estimated 40% of all <a href="https://www.americangaming.org/resources/sizing-the-illegal-and-unregulated-gaming-markets-in-the-u-s/">gaming machines in the US are unlicensed</a>. Per the report, unregulated machines can be found in some bars, convenience stores, and gas stations.Moving forward, the <a href="https://www.theguardian.com/sport/2022/may/13/sports-gambling-125-billion-anniversary">growth of legal gambling</a> may slowly chip away at the number of illegal bettors. While law enforcement has made efforts to <a href="https://www.casino.org/news/illegal-sports-betting-operation-leads-to-massachusetts-jail-sentence/">go after some illegal operators</a> in the US, it's more difficult to <a href="https://props.com/shutting-down-illegal-gambling/">stop offshore sites</a>. individual bettors in the US <a href="https://www.latimes.com/sports/story/2022-01-30/super-bowl-2022-betting-illegal-in-california">are unlikely to face legal consequences</a>. Some Americans may unwittingly continue to bet with illegal operators. Prior AGA research has found over half of Americans that bet illegally <a href="https://www.americangaming.org/resources/2020-survey-of-american-sports-bettors/">believe what they're doing is legal</a>.Others may simply have grown used to illegal operators and not want to switch as a result. A similar development is happening in <a href="https://www.businessinsider.com/cannabis-ceos-grey-market-sellers-in-new-york-erode-profits-2022-3">states that have legalized marijuana</a>, where some consumers are continuing to <a href="https://www.politico.com/news/2022/11/13/california-black-market-weed-new-york-00066470">turn to the illicit cannabis market</a> out of habit.

Nearly half of sports gamblers like those who bet on the World Cup still do it illegally, and it's costing your state millions in tax revenue

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://commons.wikimedia.org/wiki/File:IRS_Sign.JPG">Wikimedia Commons</a></div></div></div><ul><li>The Internal Revenue Service said the Tax Day deadline for Americans to submit tax filings will be pushed back to Wednesday after a technical glitch hit the agency on Tuesday.</li><li>The IRS said that people could still file their taxes to services like TurboTax and H&amp;R Block, but the agency was having trouble transmitting filings from those services.</li></ul>The Internal Revenue Service is moving back Tax Day by one day after <a href="http://www.businessinsider.com/irs-tax-return-website-crashes-tax-day-2018-4">technical difficulties crippled</a> parts of the online filing system Tuesday.An outage to some of the IRS' eFile systems and its Direct Pay function, which allows taxpayers to make payments directly from a bank account, caused the agency to delay the deadline until the end of Wednesday."This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers," Acting IRS Commissioner David Kautter said in a statement. "The IRS appreciates everyone's patience during this period. The extra time will help taxpayers affected by this situation."The IRS statement said all issues with the online filing system were resolved. Around 5 million tax filers waited until the final day to submit their taxes in 2017 <a href="https://www.reuters.com/article/us-usa-taxes/irs-hit-with-computer-glitch-as-midnight-tax-deadline-looms-idUSKBN1HO354">according to the IRS</a>.The decision came after Kautter drew the ire of Republicans during a hearing earlier on Tuesday after telling the lawmakers that an issue had popped up that morning."On my way over here this morning, I was told a number of systems are down at the moment," Kautter said in his opening remarks.As the news of the outage spread, various members took Kautter to task for the downtime."This is game-day for the IRS, and it seems the IRS can't get out of the locker room," GOP Rep. Greg Gianforte said.According to the IRS, taxpayers could still file their returns through third-party filers like H&amp;R Block and TurboTax during the outage but the IRS was having trouble processing the submission from those groups. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/violent-video-games-ban-mass-shooting-shootings-2018-3">Stop blaming violent video games for mass shootings</a></h3> <div> </div> </div>

The IRS just pushed back the deadline to file taxes by one day after its website crashed on Tax Day

Indian startup founders on Monday said that to explore a comprehensive digital India, the <keyword id="6360189" type="General" weightage="100" keywordseo="union-budget" source="Orion">Union Budget</keyword> for FY24 must leverage the full inherent potential of the homegrown technology industry to become champions of digitisation. Gautam <keyword id="893041" type="General" weightage="80" keywordseo="nimmagadda" source="Orion">Nimmagadda</keyword>, Founder and CEO of Quixy, a cloud-based no-code application development platform, said that currently, startups can avail of a tax holiday for three years since incorporation. "However, the ideal exemption should be 10 years, in view of the high cost of solution development. As positive employment drivers, startups also require government intervention in the expensive affair of hiring and retaining the right talent to drive growth," Nimmagadda said in a statement. "To lead the startups onwards and upwards, a single-window process to enable the right financial support from government would be incentivising for MSMEs," he added. According to ESOPDhan co-founder <keyword id="576027" type="General" weightage="80" keywordseo="nitin-agarwal" source="Orion">Nitin Agarwal</keyword>, the budget can reduce the holding period of ESOP shares of unlisted companies from two years to one year for purposes of capital gain. "This would make ESOPs a more attractive tool to retain and reward employees, especially among startups that are today seen as major job creators," Agarwal added. 2023 is already shaping up to be a watershed moment for the gaming industry. With the government releasing draft online gaming rules earlier this month, the burgeoning sector will see a lot more success this year. According to Sai Srinivas, Co-founder and CEO of MPL, the industry hopes to get clarity in a few areas. "The first is the GST mechanism on online gaming. We hope the government provides clarity on the tax slab applicable on skill gaming. Another relates to the AVGC fund set up as part of the AVGC Promotion Task Force announced in last year's budget," he mentioned. Access to financial support "will be a tremendous boost to young talented developers and designers, and will accelerate the push to 'Create in India' and take made-in-India games to the world," he added. <keyword id="16292225" type="General" weightage="80" keywordseo="dhruv-jolly" source="Orion">Dhruv Jolly</keyword>, Founder and MD, <keyword id="16292224" type="General" weightage="80" keywordseo="taponn" source="Orion">TapOnn</keyword> digital, said that the budget would include some assistance for qualifying firms under the 'Startup India Scheme' in terms of the number of taxes that must be filed, the frequency of filing, or the tax slabs. "We might witness a strong emphasis on attracting more foreign investment, making the registration and compliance process more easy and fast, and strengthening economic ties with other countries in the Indo-Pacific region," Jolly said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-witness-high-volatility-amidst-war-of-words-between-the-company-and-hindenburg-research/articleshow/97437171.cms">Adani Group stocks witness high volatility amidst war of words between the company and Hindenburg Research</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/auto-parts-sourcing-startup-capgrid-raises-7-million-from-nexus-venture-others/articleshow/97437294.cms">Auto parts sourcing startup CapGrid raises $7 million from Nexus Venture, others</a>

Budget expectations: Startups seek 10-yr tax holiday, less holding period of ESOP shares

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Hill Street Studios / Getty Images</div></div></div><ul class="summary-list"><li>A Tax ID number, also known as an EIN number, is an ID number issued by the IRS to identify small businesses for tax purposes.</li><li>To get a Tax ID number, you can speak with your accountant or bank, call the IRS directly, fill out a form and mail it to the IRS, or apply online.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Your Tax ID Number - sometimes also referred to as a Federal Tax Identification Number, a 95 Number, or EIN Number - is a nine-digit number issued by the IRS to be used by self-employed individuals for certain tax or business purposes.If you're not sure if you already have one, you can call the IRS Business &amp; Specialty Tax Line (800-829-4933), check with the institution that you think may have issued one for you (like your bank, for example), or take a look at your most recent tax return.The <a href="https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-an-ein">IRS has a handy questionnaire</a> to figure out if you need a Tax ID number, or if you can just use your Social Security number. If you answer "yes" to any of its six questions, like "Do you have employees?" and "Do you operate your business as a corporation or a partnership?" the IRS says you need a Tax ID number.If you don't currently have a Tax ID Number and need to get one, follow these steps.<h2>How to get a Tax ID number</h2>1. Firs of all, if you haven't actually set your business up yet, speak with your accountant about putting together the proper paperwork to file as a business. (That's a whole separate article - or three.) Just being self-employed does not mean you necessarily need a Tax ID number.2. Once you have a legal business structure, you have a few options to get a tax ID number:<ul><li>your accountant or financial institution may be able to help you obtain a Tax ID Number</li><li>you can use the IRS Business &amp; Specialty Tax Line listed above (800-829-4933)</li><li>you can manually<a href="https://www.irs.gov/pub/irs-pdf/fss4.pdf"> fill out Form SS-4</a> and mail it to the IRS</li><li>you can submit an online application for a Tax ID number yourself</li></ul>3. No matter which route you go, you'll need to gather together the pertinent information necessary for completing the application.This includes your business name and business address, as well as what type of legal structure your business takes, like a sole proprietorship, partnership, or corporation. This is important to know before filing online, because once you start an online application, your session will expire after 15 minutes of inactivity and you will need to start all over.4. To apply online, <a href="https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online">visit the IRS website</a> to apply for an Employer Identification Number (EIN).5. Under Step 3, "Submit your application," click on the blue button that says "Apply Online Now"<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online">IRS.gov</a>Under Step 3, "Submit your application," click on the blue button that says "Apply Online Now"</div></div></div>6. Read through the application rules and guidelines.7. Once you have a thorough understanding of what's involved, click "begin application" at the bottom of the page.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://sa.www4.irs.gov/modiein/individual/index.jsp">IRS.gov</a>Once you have a thorough understanding of what's involved, click "begin application" at the bottom of the page.</div></div></div>8. Answer all of the questions pertaining to your business, starting with which type of business structure you have (Corporation? Sole proprietorship? Partnership? Estate? Trust?), the reason you're applying for a Tax ID Number, and how you're related to the business (is it your business, or are you applying on behalf of another business?).9. Receive your EIN immediately.10. Download, save, and print all paperwork to keep on file for future needs.11. You'll need this number for any future business dealings, like filing taxes, opening a business bank account or signing contracts.<ul class="read-more-links"><li>Read more about managing your money:</li><li><a href="https://www.businessinsider.com/how-to-send-money-on-paypal" data-read-more-link="" data-e2e-name="read-more-link">How to send money on PayPal</a></li><li><a href="https://www.businessinsider.com/how-to-invest-in-a-401k-for-retirement" data-read-more-link="" data-e2e-name="read-more-link">How to invest in a 401(k)</a></li><li><a href="https://www.businessinsider.com/how-to-get-a-loan-with-bad-credit" data-read-more-link="" data-e2e-name="read-more-link">How to get a loan</a></li><li><a href="https://www.businessinsider.com/how-to-open-an-ira-for-retirement" data-read-more-link="" data-e2e-name="read-more-link">How to open an IRA</a></li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/game-of-thrones-season-8-episode-5-details-missed-easter-eggs-2019-5">17 details in 'Game of Thrones' season 8 episode 5 you may have missed</a></h3> <div> </div> </div>

How to get a tax ID number if you're self-employed or have a small business

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Greek Finance Minister Yanis Varoufakis has outlined seven key reform proposals ahead of a crucial Eurogroup meeting on Monday to decide whether the country is meeting the conditions for its next bailout instalment.In <a href="http://im.ft-static.com/content/images/4e4b2122-c40f-11e4-a02e-00144feab7de.pdf">the 11-page letter to Jeroen Dijsselbloem</a>, the head of the Eurogroup, leaked to the Financial Times Varoufakis reveals plans for the Greek government to hire mystery-shoppers "'wired' for sound and video" to help collect evidence against tax evaders and raises the possibility of selling licenses to online gambling companies to operate in the country.The reforms envisage hiring "students, housekeepers and tourists" on short term contracts, training them in the art of subterfuge and then sending them out into "areas ripe with tax evasion" to catch perpetrators in the act. Any evidence gathered by the undercover tax agents will then be available to authorities when it comes to issue penalties and sanctions.Perhaps more unusually for a government led by the radical left Syriza coalition, Varoufakis also discusses raising revenue through selling gambling licenses to online gaming providers. He envisages each 5-year contract would cost around €3 million, with the value of tax revenues from online gambling estimated to be worth around €500 million a year to the state.The letter also provides further details on the creation of a "Fiscal Council" similar to the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s Office for Budget Responsibility, which acts as a watchdog for public spending plans, and gives details on a new law designed to improve tax collection by providing debt forgiveness in exchange for part payment of outstanding sums owed.Without a deal Greece risks running out of money to pay its bills within weeks. Greece is due to repay around €1.5 billion to the IMF over the next two weeks but has seen tax revenues fall sharply over the past few months. The state also has to find the money to meet its monthly running costs of around €4.5 billion including a wage and pension bill of €1.5 billion, <a href="http://www.reuters.com/article/2015/03/06/us-eurozone-greece-idUSKBN0M21KA20150306">according to Reuters</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-earth-would-look-like-if-ice-melted-world-map-animation-2015-2">Animated map of what Earth would look like if all the ice melted</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5xam5iczrSx4Ibx8MvarDsu3zOG88omE" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "tax on online gaming" and got 11 results

Ministers' panel may recommend 28% GST on online gaming with a revised calculation formula

PTI

GST Council meet: decriminalisation, tax evasion in pan masala, gutkha biz on agenda

PTI

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

IANS

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

PTI

TurboTax Will Try To Make Doing Your Taxes Look Fun At This Year's Super Bowl

Aaron Taube

GST on casinos, lotteries, horse races deferred as Nirmala Sitharaman reconsiders

PTI

Nearly half of sports gamblers like those who bet on the World Cup still do it illegally, and it's costing your state millions in tax revenue

Jacob Zinkula

The IRS just pushed back the deadline to file taxes by one day after its website crashed on Tax Day

Bob Bryan

Budget expectations: Startups seek 10-yr tax holiday, less holding period of ESOP shares

IANS

How to get a tax ID number if you're self-employed or have a small business

Cheryl Lock

Far-left Greek government plans to use undercover inspectors and online gambling to boost tax revenues

Tomas Hirst,Tomas Hirst

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