Despite recent relief for the online gaming industry, the Centre expects that the introduction of a 28 per cent levy on e-gaming, casinos, and racing could generate over Rs 19,000 crore for the overall goods and services tax (GST) fund in this financial year. The new rule will be introduced by October 1.
“Revenue estimates are reliant on the elasticity of demand in relation to price. These estimates are based on the total turnover of the gaming industry, which only includes payment once. Multiple games are not counted multiple times in the turnover," explained a senior government official.
On Wednesday, the all-powerful Council gave some breather to e-gaming companies, deciding to apply GST on the total bet placed at the