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<ul><li>The Indian government is reportedly all set to increase <keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword> on online gaming to 28%, a proposal that could spell trouble for the industry and players alike. </li><li>The online gaming industry is expected to cross $5 billion valuation by 2025, but the taxman’s greed could kill the golden-egg laying hen. </li><li>Experts are worried about the impact this could have on the industry – both the players and the businesses, which are still in their early days. </li></ul>The Indian government is reportedly all set to tax casinos, online gaming and horse racing at the highest slab of GST – 28%. Looks like the taxman is intent on treating these recreational activities and skills on par with tobacco, cigarettes, <a href="https://www.businessinsider.in/cryptocurrency/news/28-gst-on-crypto-transactions-india-is-reportedly-mulling-another-tax-levy-next-week/articleshow/92407767.cms">cryptocurrencies</a> and luxury cars. Online betting, gambling, casinos and horse racing have long been treated ‘unfairly’ by the Indian taxman – while GST has been considerably moderate at 18% until now. Winnings and other income earned from these activities have been taxed at the highest rate of 30% without any deductions whatsoever. Now, a new <a href="https://economictimes.indiatimes.com/news/economy/policy/28-gst-likely-on-casinos-online-gaming-horse-races-on-gross-revenue/articleshow/92474293.cms?from=mdr">report</a> suggests that the government is mulling increasing the GST rate to 28% – the highest in effect currently. This will be applicable on compulsory food and beverages as well, driving up the costs for businesses and participants. <div type="Article" hostid="261" msid="92356710" title="INTERVIEW: The big picture on 5G, Big Tech-telco war with COAI’s Dr SP Kochhar" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Fantasies are taxed too, and that too doubly" comment="subhead" text="Fantasies are taxed too, and that too doubly">Fantasies are taxed too, and that too doubly</cmsannotation> The government proposal says that GST will be charged on the gross revenue, not the net value added, which goes against both global tax ethics – as well as the very foundation of the GST regime, which intends to remove the undesirable double taxation effect. "Taxing online gaming, horse racing, and casinos at gross revenue instead of net value addition would be a departure from the global tax ethics," Rajat Mohan, senior partner, AMRG &amp; Associates told PTI. This could have an adverse impact on the entire industry. For instance, the online gaming sector which includes the likes of MPL, Zupee, Winzo and other startups, is expected to cross $5 billion in valuation by 2025, according to a <a href="https://www.ibef.org/blogs/india-s-nascent-gaming-industry-on-the-rise">IBEF report</a>. The government earned nearly ₹1,500 crore from fantasy sports in the form of taxes in FY21. A Deloitte report says that the combined industry contribution could cross a whopping ₹16,000 crore cumulatively over the next two years. And the taxman believes that he found a goose which lays golden eggs. <cmsannotation type="cmsannotation" annotationid="The costly game of confusion" comment="subhead" text="The costly game of confusion">The costly game of confusion</cmsannotation> The online gaming industry has been plagued by the ambiguous nature of government’s tax policies. The taxman has often been said to be confused about the nature of online games – whether those involve skills or are just gambling. It might be justified to tax gambling at the highest rate of tax, but experts believe that punishing games of skill in the same manner is unfair. To make matters worse, the government wants to raise the tax from 18% to 28%. <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani, Rakesh Jhunjhunwala and more, to be affected" comment="subhead" text="Mukesh Ambani, Rakesh Jhunjhunwala and more, to be affected">Mukesh Ambani, <keyword id="6398943" type="General" weightage="80" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> and more, to be affected</cmsannotation> This can also have an adverse impact on telcos, which are banking on online gaming as a new revenue stream as the industry seems to be entering a phase of stagnation. “Rather than being just the pipe, telcos like Jio (RIL owned) and Bharti are focusing on gaming as an incremental source of ad/subscription revenue. In fact, RIL believes that gaming in India will be bigger than music, movies and television shows put together,” said a report by Bank of America Securities. This could also impact <keyword id="201442" type="General" weightage="50" keywordseo="delta-corp" source="Orion">Delta Corp</keyword>, the only listed casino operator in the country which has seen its fortunes fade away, with even Rakesh Jhunjhunwala paring down his holdings in the company considerably. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> “This would be a distress the business model to a great extent as the touted super tax will have to be funded either by the platform, who do not make that kind of money in this business or would go on to reduce the prize pool size – effectively bringing down the interest in customer engagement,” Adarsh Somani, senior partner at ELP Law, told Business Insider India. This would wreak havoc on the gaming industry, and even if the government wants to reduce difficulties by offering a single – but higher – rate of tax, the valuation methodology will have to be made clear, Somani added. As things stand today, there is plenty of ambiguity that will have to be worked out by the government – even a small misstep could spell a lot of trouble for the gaming industry and its participants. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/auto-and-finance-stocks-can-bounce-back-even-if-the-market-crashes-in-july/articleshow/92436186.cms">Auto and finance stocks can bounce back even if the market crashes in July</a> <a href="https://www.businessinsider.in/finance/news/rbi-kept-the-rupee-exceptionally-stable-so-far-and-the-tide-could-turn-for-the-better-say-experts/articleshow/92414356.cms">RBI kept the rupee ‘exceptionally’ stable so far, and the tide could turn for the better say experts</a> <a href="https://www.businessinsider.in/business/telecom/news/interview-the-big-picture-on-5g-big-tech-telco-war-with-coais-dr-sp-kochhar/articleshow/92356710.cms">INTERVIEW: The big picture on 5G, Big Tech-telco war with COAI’s Dr SP Kochhar</a>

India is betting on casinos, online games and horse races to fill its coffers

New Delhi, Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic &amp; Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs paying 18 per cent on platform fee/commission are disputing the 28 per cent levy on actionable claims in the form of betting and gambling before various legal fora. "It is anticipated that the levy of 28 per cent on full face value, as recommended in the 50th <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> meeting, will result in increase of revenue from current levels," Sitharaman added.

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

<ul><li>The <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> Council has levied a 28% rate to casiones, <keyword id="149956" type="General" weightage="20" keywordseo="horse-racing" source="Orion">horse racing</keyword>, etc on the amount the gaming company earns from its users. </li><li>The GST Council has recommended removing the critical distinction between game of skill and <keyword id="10751675" type="General" weightage="20" keywordseo="game-of-chance" source="Orion">game of chance</keyword>. </li><li>The decision is expected to hit the <keyword id="6422069" type="General" weightage="20" keywordseo="online-gaming" source="Orion">online gaming</keyword> industry hard and the shares of listed players has taken a nosedive. </li></ul>The online gaming industry woke up expecting a bad day on Dalal Street after the 50th GST Council announced its decision to levy a 28% GST on online gaming, along with horse racing and <keyword id="71409" type="General" weightage="20" keywordseo="casinos" source="Orion">casinos</keyword>. As expected, shares of listed players like Nazara Tech and Delta Corp took a major hit with the latter nosediving 20%. The online gaming industry stakeholders have termed the 28% GST on the full value of gaming as "irrational and egregious", saying that the move is a self goal that will kill the skilled online gaming sector in the country. <cmsannotation type="cmsannotation" annotationid="But first, what is the dispute" comment="subhead" text="But first, what is the dispute">But first, what is the dispute</cmsannotation> The main debate has been about online gaming categorisation, whether it is a game of skill or a game of chance. “The Government is saying that if it is a game of chance, it will come under the category of betting, gambling, so there will be a GST of 28% on the gross value. The industry is saying that it is a game of skill and should be liable to18% GST, not on the gross value, but only on the commission component,” explains Pratik Jain, Partner, PwC India, a professional services firm. Roland Landers, CEO of the All India Gaming Federation, said that the decision ignores over 60 years of settled legal jurisprudence and lumps online skill gaming with gambling activities. "We believe this decision by the GST Council is unconstitutional, irrational, and egregious. This decision will wipe out the entire Indian gaming industry and lead to lakhs of job losses and the only people benefitting from this will be anti-national illegal offshore platforms," reads his statement. <cmsannotation type="cmsannotation" annotationid="The impact on the online gaming industry" comment="subhead" text="The impact on the online gaming industry">The impact on the online gaming industry</cmsannotation> Experts and gaming company owners agree that this is going to adversely impact the gaming industry in a major way. “It will be interesting to see the business impact for the online gaming sector considering that this sector has been touted to have significant growth potential,” says Shilpy Chaturvedi, Partner, Deloitte India, a professional services firm. Joy Bhattacharjya, Director-General, Federation of Indian <keyword id="34077" type="General" weightage="20" keywordseo="fantasy" source="Orion">Fantasy</keyword> Sports (FIFS), says that as pointed out by FIFS and many of its members on numerous occasions, change in valuation to tax on the total consideration will cause irreversible damage to the industry, loss of revenue to the exchequer and loss of employment for lakhs of skilled engineers. “The decision will have a chilling effect on the $2.5 billion of FDI already invested by investors and jeopardise potentially any further FDI in the sector. Further, this decision will shift users to illegal betting platforms leading to user risk and loss of revenue for the government,” says Bhattacharjya. Experts say that the higher tax burden will also put a blocker on India’s expanding gaming industry, and deter the new player from entering the industry. Industry insider, Mitesh Gangar, the co- founder and director of PlayerzPot, a fantasy gaming company, says that the move will corner the gaming industry in a big way. “The overall operations will not be feasible. The high tax burden will completely restrict the cash flow, limiting a company’s ability to invest in research, innovation, expansion or survival,” he said. The government on its part has said that the move isn’t targeting any particular industry. Finance Minister Nirmala Sitharaman said, “The decisions were intensive and were taken after consultation with all the members, including those representing states like Goa and Sikkim where casinos form a key part of the tourism sector."

Online gaming industry says 28% GST makes operations unfeasible

<ul><li>About 60% of citizens want the GST rate on cryptocurrencies to be 28% or higher.</li><li>Eight in ten Indians are in favour of imposing 28% or higher GST on online games, casinos and horse racing.</li><li>8 in 10 Indians want 28% of higher GST on casinos, online games and horse races</li></ul>Six in ten Indians are in favour of keeping cryptocurrencies under the 28% or higher goods and services tax (GST) bracket, according to a report by community social media platform LocalCircles. Meanwhile, eight in ten Indians are also in favour of imposing a similar GST slab on online games, casinos and horse racing. The survey — which was based on 34,000 responses from citizens residing in 319 districts — revealed that 34% citizens were for the aforementioned GST slab on cryptocurrencies. Meanwhile, 7% of the responders voted for “40%” tax slab, 19% voted for over “50%” tax slab. About 22% did not have an opinion on it. On an aggregate basis, 60% of citizens want the GST rate on cryptocurrencies to be 28% or higher. This question received 12,330 responses. According to a <a href="https://www.news18.com/news/business/tax/gst-council-to-consider-levying-28-tax-on-bitcoin-other-cryptocurrencies-know-more-5137639.html">report </a>by CNBC TV 18, the GST Council will take up a proposal to impose<a href="https://www.businessinsider.in/cryptocurrency/news/crypto-tax-in-india-government-may-levy-28-percent-gst/articleshow/91439216.cms"> 28% GST</a> on all services related to cryptocurrency. The government’s view is to keep cryptocurrency at par with lotteries, casinos, racecourses and betting, the report had noted. The development comes only a few months after the finance minister Nirmala Sitharaman imposed a <a href="https://www.businessinsider.in/investment/news/crypto-tax-in-india-kicks-in-from-april-heres-all-you-need-to-know/articleshow/90344479.cms">30% tax on the gains on cryptocurrencies</a>, along with 1% tax deducted at source (TDS). <cmsannotation type="cmsannotation" annotationid="Taxation on online games, casino and horse racing" comment="subhead" text="Taxation on online games, casino and horse racing">Taxation on online games, casino and horse racing</cmsannotation> On the taxation on online games, casinos and horse racing, 45% citizens were in favour of 28% GST on this leisure activity. Meanwhile, 7% of the responders voted for a 40% tax slab, 27% voted for over 50%. Only one percent of the respondents believed that online gaming, casino and horse racing should be exempted from GST, while six percent did not have an opinion on it. This question in the survey received 12,097 responses. Overall, 79% of the respondents wanted 28% or higher GST on these activities. In May, a Group of Ministers (GoM) <a href="https://economictimes.indiatimes.com/news/economy/policy/group-of-ministers-agree-to-levy-28-gst-on-casino-race-course-and-online-gaming/articleshow/91638515.cms?from=mdr">agreed</a> to recommend hiking the GST on casinos, race courses and online gaming services to 28%. Currently, the GST rate applicable on online games involving betting or gambling is 28% and for the ones without betting or gambling, it is 18%. On horse racing, GST is levied at 28% on the total bet value. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/tough-times-will-make-startups-go-for-hero-teams-slash-ad-budgets-and-focus-on-profits/articleshow/92270583.cms" style="">Tough times will make startups go for ‘hero teams’, slash ad budgets and focus on profits</a> <a href="https://www.businessinsider.in/india/news/spicejet-hiked-its-ticket-prices-indigo-and-others-might-follow-suit/articleshow/92251751.cms" style="">SpiceJet hiked its ticket prices; Indigo and others might follow suit</a> <a href="https://www.businessinsider.in/business/news/ready-to-take-off-rakesh-jhunjhunwalas-akasa-air-receives-its-first-boeing-aircraft/articleshow/92247189.cms" style="">Ready to take off – Rakesh Jhunjhunwala's Akasa Air receives its first Boeing aircraft</a>

8 in 10 Indians want 28% or higher GST on casinos, online games and horse races

<ul><li>A group of ministers is reportedly set to discuss a GST on cryptocurrency transactions in the country.</li><li>Decisions on GST are taken by the GST Council.</li><li>India levies 5%, 12%, 18% and 28% GST on goods and services sold in the country.</li></ul>After levying a 30% tax on capital gains from crypto transactions, and the upcoming 1% tax deduction at source (TDS), the Indian government may now be looking to levy its goods and services tax (GST) on such transactions as well. A ministerial panel is expected to meet next week to discuss the tax, according to a <a href="https://www.bloomberg.com/news/articles/2022-06-22/india-panel-said-to-weigh-sales-tax-on-cryptocurrency-next-week">report</a> by Bloomberg. The panel will comprise of finance ministers from central and state governments in the country, also known as the group of ministers (GoM). It will meet on two days, starting from June 28, in the Northern Indian state of Chandigarh. To be sure, the panel won’t be finalizing the tax during the meeting. Under Indian law, ministerial panels like this are formed in order to make recommendations to the GST Council, which takes final calls on this particular tax. For instance, earlier this month, a panel of ministers recommended that a 28% GST should be issued on online fantasy games — a decision that is pending with the council right now. <cmsannotation type="cmsannotation" annotationid="28% GST on crypto transactions?" comment="subhead" text="28% GST on crypto transactions?">28% <keyword id="13140539" type="General" weightage="20" keywordseo="gst-on-crypto" source="Orion">GST on crypto</keyword> transactions?</cmsannotation> India levies 5%, 12%, 18% and 28% GST on goods and services sold by companies in the country. The 28% slab is reserved for goods and services that are considered to be in the luxury segment. India also puts gambling under this slab, and is set to add fantasy gaming to it, raising concerns that crypto may be subject to the same tax. The tax was formulated long ago, but came into effect from 2017, and is meant to bring many of the country’s service-related taxes, including service tax and value added tax (VAT), under one umbrella. An additional tax on the industry, however, could be troublesome for crypto exchanges and traders in the country. In February this year, Finance Minister Nirmala Sitharaman announced a 30% tax on capital gains from cryptocurrency transactions in the country, during the Union Budget announcement. <cmsannotation type="cmsannotation" annotationid="India’s tax authorities clarify on crypto TDS" comment="subhead" text="India’s tax authorities clarify on crypto TDS">India’s tax authorities clarify on crypto TDS</cmsannotation> The country is also expected to levy a 1% TDS on such transactions from July 1, and the Central Board of Direct Taxes (CBDT) <a href="https://www.businessinsider.in/investment/news/india-crypto-tds-clarification-issued-by-[%E2%80%A6]ncies-and-virtual-digital-assets/articleshow/92405606.cms">issued clarifications on</a> the same yesterday. The taxes come at a time when the crypto industry is experiencing an extended bear phase. At the time of writing, top coins like Bitcoin, Ethereum, Cardano and others have dropped by over 70% from their all-time-highs. Additional taxes could affect the industry’s fortunes and impact exchanges’ trading volumes. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/tether-to-launch-tokens-pegged-to-the-british-pound-in-an-expansion-of-its-lineup-of-stablecoins/articleshow/92394242.cms">Tether to launch tokens pegged to the British pound in an expansion of its lineup of stablecoins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/ftx-boss-sam-bankman-fried-has-bailed-out-struggling-crypto-lender-blockfi-with-a-250-million-loan/articleshow/92392418.cms">FTX boss Sam Bankman-Fried has bailed out struggling crypto lender BlockFi with a $250 million loan</a>

28% GST on crypto transactions? India is reportedly mulling another tax levy next week

<ul><li>The <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> industry has already been buckling under income tax and <keyword id="17506" type="General" weightage="100" keywordseo="tds" source="Orion">TDS</keyword>.</li><li>Trading volumes in India fell in April, right after the current set of taxes were brought into practice.</li><li>Politicians have asked for crypto to be treated under the same norms as lotteries and gambling.</li></ul>The crypto industry’s tax woes in India may get worse as the government looks to expand indirect taxes on the space in the coming days. According to reports from local media, the country is formulating methods to expand the ambit of these indirect taxes, specifically the goods and services tax (GST), to cover a larger section of the crypto space. The GST is an indirect tax that replaced many others in the country a year or two ago. It is levied on the supply of goods and services, including things like restaurant bills, e-commerce orders, and others. Some politicians have demanded the highest GST slab, which is levied at 28%, on the crypto industry. <cmsannotation type="cmsannotation" annotationid="Tough times ahead" comment="subhead" text="Tough times ahead">Tough times ahead</cmsannotation> According to a <a href="https://www.hindustantimes.com/india-news/gst-net-on-crypto-may-expand-to-include-their-sale-purchase-101652035581023.html">report</a> by the Hindustan Times, the tax proposals are to be analysed by the requisite law committees, which will recommend their views to the <keyword id="6355040" type="General" weightage="20" keywordseo="gst-council" source="Orion">GST Council</keyword>, which regulates matters related to this particular tax. It is chaired by the country’s finance minister, along with finance ministers of states. The 28% GST is usually reserved for luxury goods and others that aren’t considered to be essential items. For instance, it is applied to gambling and lotteries, which is what parliamentarians in the country are likening crypto to when demanding this tax. “Several MPs (members of Parliament) demanded to raise the GST on cryptocurrencies to 28% like gambling and lotteries. As Parliament is an apex body, their demands will also be examined by the law committee,” the report quoted sources as saying. <cmsannotation type="cmsannotation" annotationid="Taxing times for crypto" comment="subhead" text="Taxing times for crypto">Taxing times for crypto</cmsannotation> The GST is said to be in addition to the 30% income tax on earnings from virtual digital asset (VDA) transactions that the government announced during the Union Budget in February this year. It followed this up with a 1% tax deduction at source (TDS), which is levied on salaries and other incomes, of those selling cryptocurrencies. The two taxes together have already discouraged many users from crypto trading, and an addition of 28% GST might make things worse. Not only that, but <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">crypto exchanges</a> in the country may also struggle to keep track of all the taxes that are to be levied on such transactions, as will the users. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ril-tumbles-nearly-4-on-weaker-than-expected-profits-slowdown-in-retail-business-and-decline-in-jio-subscriber-additions/articleshow/91433432.cms">RIL tumbles nearly 4% on weaker than expected profits, slowdown in retail business and decline in Jio subscriber additions</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/campus-activewear-shares-debuts-at-21-premium-despite-weak-market-trends/articleshow/91430347.cms">Campus Activewear shares debuts at 21% premium despite weak market trends</a>

India may expand taxes on crypto beyond IT and TDS – government reportedly mulling 28% GST

New Delhi, <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> has allowed gambling and betting apps on its Play Store that will be available for users in 15 countries including the US. Currently, <keyword id="9960110" type="UNKNOWN" weightage="20" keywordseo="gambling-apps">gambling apps</keyword> are only allowed in four countries: <keyword id="6355226" type="LOCATION" weightage="20" keywordseo="brazil">Brazil</keyword>, <keyword id="6354785" type="LOCATION" weightage="20" keywordseo="france">France</keyword>, <keyword id="6358817" type="LOCATION" weightage="20" keywordseo="ireland">Ireland</keyword>, and the UK. From March 1, the new policy changes in <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword> will allow authorised and legal gambling apps like online casino games, lotteries, sports betting and daily fantasy sports that will depend on whether these gambling apps are allowed in the approved countries. The new rules will permit gambling apps in Australia, Belgium, Canada, Colombia, Denmark, Finland, Germany, Japan, Mexico, New Zealand, Norway, Romania, Spain, Sweden, and the US. Google said that the new rules applies as long as the developer completes the application process for gambling apps being distributed on Play, is an approved governmental operator and/or is registered as a licensed operator with the appropriate governmental gambling authority in the specified country. "For all other apps which do not meet the eligibility requirements for gambling apps noted above, we don't allow content or services that enable or facilitate users' ability to wager, stake, or participate using real money (including in-app items purchased with money) to obtain a prize of real world monetary value". Google said that a developer must successfully complete the application process in order to distribute the app on Play and the app must comply with all applicable laws and industry standards for each country in which it is distributed. On Thursday, Google <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> said it is simplifying the policies around gamified loyalty programmes and features in the country, that are based on a qualified monetary transaction in the app and offer prizes of cash or other real-world value. The policy provides updated guidance on the use of features such as a spin-the-wheel experience, a guessing game, or a 1:1 points redemption to drive loyalty. The update aims to provide more clarity on policy requirements for loyalty programme disclosures and features, and is designed to safeguard users and optimise the developer experience. ''While we do not allow Real Money Gambling apps on the Play Store in India, we remain committed to engaging with industry and government bodies as they deliberate on measures that will best support this industry,'' the company noted. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/priyanka-chopra-jonas-makes-another-tech-investment-this-time-in-us-based-rental-marketplace-apartment-list/articleshow/80554158.cms">Priyanka Chopra Jonas makes another tech investment – this time in US-based rental marketplace Apartment List</a> <a href="https://www.businessinsider.in/budget/news/glee-s-t-january-2021-gst-collection-may-have-beat-the-december-record/articleshow/80512714.cms">Glee.S.T! January 2021 GST collection may have beat the December record</a> <a href="https://www.businessinsider.in/business/startups/news/kavin-mittal-hike-looks-to-hire-computer-science-it-graduates-from-iits-nsit-nits/articleshow/80560643.cms">Kavin Mittal’s Hike looks to hire computer science, IT graduates from IITs, NSIT, NITs</a>

Google's Play Store now allows gambling and betting apps — but not in India

Sale of luxury cars is increasing, with manufacturers predicting volume to grow in double digits in the coming time, thanks to the unexpected boost that goods and services tax (GST) will provide. It was in 2016 that the sales of cars and SUVs priced between Rs 25 lakh and Rs 2 crore had fallen for the first time, because of the ban imposed on the sale of large diesel vehicles in and around Delhi in the earlier part of the year and demonetisation later. However, for 2017, industry insiders predict that sales will swell as much as 15%, thus overpowering the overall automotive industry. Lobby group <keyword id="82374" type="ORGANIZATION" weightage="100" keywordseo="Society-of-Indian-Automobile-Manufacturers">Society of Indian Automobile Manufacturers</keyword>, however, predicts that sales would increase from 7 to 9%. The reason why GST will boost the sale of luxury cars is the difference in taxes that have to be paid. Presently, luxury vehicles attract taxes as high as 55%, which includes taxes paid to the centre, state and the city. However, once GST is implemented, these taxes would fall to 43%, including a 15% luxury cess. Even though the change in taxes would be implemented from July 1, luxury carmaker companies decided to cut prices by as much as Rs 11lakh immediately after the <keyword id="6355040" type="ORGANIZATION" weightage="100" keywordseo="GST-Council">GST Council</keyword> announced the rates late last month. The gamble was played so that potential buyers who were waiting for GST to be implemented could be attracted. "We have seen a lot of consumer interest as we passed on the GST benefits to end-customers... There has been a substantial increase in queries," <keyword id="2981742" type="UNKNOWN" weightage="100" keywordseo="Roland-Folger">Roland Folger</keyword>, MD at <keyword id="184004" type="CITY" weightage="100" keywordseo="Mercedes-Benz-India">Mercedes-Benz India</keyword>, told <a href="http://economictimes.indiatimes.com/industry/auto/news/industry/luxury-car-sales-may-surge-ahead-on-lower-tax-rate-under-gst/articleshow/59026298.cms">ET</a>. "2016 was a year of disruption and lost opportunities. The first five months of the year (2017) have gone on according to plan and there is no reason so far why we can't make up in 2017." <keyword id="148913" type="CITY" weightage="100" keywordseo="Audi-India">Audi India</keyword> head <keyword id="3965053" type="UNKNOWN" weightage="100" keywordseo="rahil-ansari">Rahil Ansari</keyword> also said that as per the feedback received from the market, "we do feel a comeback is imminent and growth may very well be in double digits." "The benefits have been well-received and our dealers are experiencing higher footfalls and good conversions in sales," said Ansari.

GST might boost luxury car sales

(Photo source: Soho.com) <ul><li>The <keyword id="2582444" type="PERSON" weightage="20" keywordseo="Chinese-Smartphone-Company">Chinese smartphone company</keyword>, <keyword id="1188106" type="COMPANY" weightage="20" keywordseo="Gionee">Gionee</keyword>, is reportedly at the brink of <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">bankruptcy</keyword> with total debt of 17 billion yuan ($2.45 billion).</li><li>According to reports in the Chinese media, the company’s chairman and chief executive, Lui Lirong, is partly to blame in lieu of his gambling debts. </li><li>Lirong, himself, admits to ‘borrowing’ company funds to gamble. </li></ul>The Chinese smartphone manufacturer, Gionee, is reportedly on the verge of bankruptcy according to the <a href="https://www.scmp.com/tech/enterprises/article/2175219/did-million-dollar-gambling-loss-saipan-imperil-chinese-smartphone">South China Morning Post</a>. And the company’s present troubles are being blamed on <keyword id="3656251" type="PERSON" weightage="20" keywordseo="Liu-Lirong">Liu Lirong</keyword>, the company’s chairman and chief executive, and his gambling debt. Lirong has admitted that the company has a 17 billion yuan debt ($2.45 billion). Out of this amount, it owes banks 10 billion yuan, upstream suppliers 5 billion yuan and around 2 billion yuan to advertising agencies. The matter gets murky as Lirong has admitted that he ‘borrowed company funds’ to finance his gambling, blurring the line between personal and company assets. He has also defended himself, stating that he didn’t lose 10 billion yuan ($1.44 billion), as is being alleged, but only around 1 billion yuan ($144 million). But even before Lirong’s alleged wrongdoing came to light, things were already going south for Gionee. The company that was once one of the mainstream brands in China and other Southeast Asian countries, started to lose its foothold in the market early last year, much before this entire revelation. According to Lirong, the company has been facing losses since 2013. Market leaders like Huawei, Oppo and Vivo — the company’s main competitors in China — were already gaining on Gionee’s smartphone sales declining in 2017. Gionee and India Gionee was one the first Chinese smartphone brands to enter India in 2012. Yet, it was unable to establish itself in the highly-competitive market. According to Counterpoint, it only had an overall market share of 2.2% in 2017, and 4.6% <a href="https://www.counterpointresearch.com/oppo-vivo-and-gionee-are-driving-the-selfie-trend-in-india/">market share</a> when it began offering selfie-focused smartphones. As an aftershock to what was happening to the brand in the Chinese market, Gionee’s sales <a href="https://telecom.economictimes.indiatimes.com/news/financial-woes-hit-gionee-india-operations-may-be-affected/62757050">started to dip</a> in India as well come 2018. At that same time, Chinese media reported that a local court had frozen 41.4% of Lirong’s stake in the company -- the reason cited was ‘gambling debts’. Despite its many hurdles, Gionee has <a href="http://www.newindianexpress.com/business/2018/feb/03/we-are-restructuring-india-operations-here-to-stay-gionee-1767692.html">asserted</a> that ‘it’s here to stay’ and that despite numerous reports, they are not scaling down operations but merely restructuring their plans in the country. See also: <a href="https://www.businessinsider.in/phone-companies-cut-production-by-up-to-15-before-gst/articleshow/59350786.cms">Phone companies cut production by up to 15% before GST</a> <a href="https://www.businessinsider.in/apple-is-betting-on-old-iphones-to-gain-market-share-in-india/articleshow/59111079.cms">Apple is betting on old iPhones to gain market share in India</a> <a href="https://www.businessinsider.in/how-much-more-brands-can-indias-handset-market-absorb/articleshow/57791179.cms">How much more brands can India’s handset market absorb?</a>

Gionee is on the verge of bankruptcy — and it’s about more than just its chairman allegedly gambling away $144 billion

The Bill rolling out the country’s biggest indirect <keyword id="45081" type="UNKNOWN" weightage="20" keywordseo="Tax-reform">tax reform</keyword> since 1947 has been subject to heated debate since it was introduced for discussion in 2009 by the previous UPA government. The tabling of the Bill was prolonged as the centre and states struggled to reach consensus on sharing <keyword id="6435854" type="UNKNOWN" weightage="20" keywordseo="Tax-revenue">tax revenue</keyword> once the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> is implemented. 
 
In a nutshell, GST is a value added tax to be levied on both goods and services except for a list of exempted goods and services at both the centre and state level. 
 GST is expected to replace the plethora of indirect taxes including service tax, central excise duty, additional excise and customs duties, central surcharges and cesses, state <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword>, state sales tax, entertainment tax not levied by local bodies, luxury tax, taxes on lottery, betting and gambling, tax on advertisements and state cesses and surcharges related to supply of goods and services. As these taxes have been ineffective and have suffered from a litany of infirmities, including exemptions and multiple rates, GST is expected to transform the labyrinthine patchwork of taxes to a lean, streamlined process. 
 GST will also enhance revenue for the Centre and states as the streamlined <keyword id="1960195" type="UNKNOWN" weightage="20" keywordseo="Tax-collection-system">tax collection system</keyword> will lead to better compliance. 
 
In addition to simplifying tax system, enhancing compliance and boosting tax revenues for both the centre and states, GST will reduce tax outflow in the hands of the consumers. As cost of production dips, goods and services produced in the country will turn price-competitive in foreign markets, it will help exporters compete with manufacturers abroad. 
 
GST will also reduce paperwork needed to remitting taxes and simplify accounting complexities for businesses. A simple taxation system is also expected to make several sectors, including manufacturing and infrastructure, more competitive. 
 
As per the tweaked version of the Bill tabled in the Parliament, the unified tax system will comprise central and state GSTs (same taxable base will be subject to both GSTs) which will be legislated, levied and administered separately. 
 
Essentially, the Bill will pave the way for the centre to tax sale of goods and the states to tax provision of services, though the former will have the exclusive power to levy GST on imports and inter-state trade. 
 The Bill also proposes to set up a powerful GST council, comprising union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> and representatives of both the centre and states, to ensure that revenue sharing is done neutrally between the centre and states. 
 
There will also be a Dispute Settlement Authority that will moderate possible disputes between the centre and states. 
 
The Bill also proposes a standard rate of GST across various goods and services in line with international rates. 
 
Initially certain goods including crude petroleum, diesel, petrol, natural gas, aviation turbine fuel and alcohol for human consumption will be kept out of the GST’s purview, as sharing tax over these goods has been a point of contention between the centre and states. States will have the power to levy taxes on these items, except in the case of imports and inter-state trade. 
 
The beauty of GST is that though it will be levied on all products and services, and will cover all stages from manufacture to sale, it will be changed only on the value added at each stage of the product life cycle, hence reducing the tax to be collectively paid by companies and eventually by consumers. 
 
Under the proposed tax regime, companies can claim deduction on the taxes already paid by their suppliers. This in turn enhances compliance and overall tax income for the government as every firm will be encouraged to ensure that its supplier has paid its portion of tax part to be eligible for deductions. 
 
The fact that more than 150 countries have already adopted GST is a testimony to the argument that it can help raise revenue in a neutral and transparent manner. 
 
Complying with the most important development in taxation over the last six decades will also lend a leg-up to India’s attractiveness as a market that is fast maturing in terms of regulation and taxation.

GST Means India Is Keen On Adopting Global Practices

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

You Searched For "gambling gst" and got 11 results

India is betting on casinos, online games and horse races to fill its coffers

Rounak Jain

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

PTI

Online gaming industry says 28% GST makes operations unfeasible

Anagh Pal

8 in 10 Indians want 28% or higher GST on casinos, online games and horse races

Kritti Bhalla

28% GST on crypto transactions? India is reportedly mulling another tax levy next week

BI India Bureau

India may expand taxes on crypto beyond IT and TDS – government reportedly mulling 28% GST

BI India Bureau

Google's Play Store now allows gambling and betting apps — but not in India

IANS

GST might boost luxury car sales

BI India Bureau

Gionee is on the verge of bankruptcy — and it’s about more than just its chairman allegedly gambling away $144 billion

Prabhjote Gill

GST Means India Is Keen On Adopting Global Practices

Preetam Kaushik

DMK vows to repeal CAA if INDIA bloc is voted to power

PTI

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