On October 1, a new 28% tax on the iGaming sector in India is slated to go into effect. Since the move was announced by the Goods and Services Tax Council in July of last year, the new tax has drawn vehement criticism. The 28% tax has been dubbed an existential danger to the gambling industry by more than 100 gaming companies and investors, including Tiger Global and Peak XV.
The GST Council decided to apply the tax in August but agreed to keep the option open to revisit the charge six months after it was put into effect. The Council also defined the levy's valuation guidelines, stating that wagers placed in internet gambling, casinos, and horse racing will be taxed at their full face value.
The GST Council decided to apply the tax in August but agreed to keep the option open to revisit the charge six months after it was put into effect. The Council also defined the levy's valuation guidelines, stating that wagers placed in internet gambling, casinos, and horse racing will be taxed at their full face value.
