February 3, 2024Anmol Nagpal

GST revenue from online gaming industry up by 400%

Goods and Service Tax collections from online gaming have risen by as much as 400% to an average of Rs 1,200 crore per month.

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The new regime has kicked in from October 1, 2023, said Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs.

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In a media interview, Agarwal said previously about Rs 220 crore per month of GST was collected from the sector.

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A tremendous growth in GST collection from online gaming since October 1, 2023. "This means that the online gaming companies are also doing well and there is robust growth in GST revenue as well."

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Under the new GST regime, online gaming, casinos, and horse racing attract a 28% GST on entry-level bets.

Source: Republic

Meanwhile, commenting on the reduction of customs duty on mobile phone components, the CBIC chief explained that it was not a part of the Budget exercise.

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However, it was aimed at disputes relating to rate classification and rate rationalisation.

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Two days before the Budget, the finance ministry had reduced the customs duty on various mobile phone components to 10% from the earlier rate of 15%.

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The move is also being seen as giving a fillip to domestic manufacturing.

Source: Unsplash