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Tech giant Apple has made iPhones worth Rs 1 lakh crore in India during 2023, further strengthening its ambitions in the country. This and more in todays ETtech Top 5.
The show-cause notices were issued after the government clarified that all online games involving betting and gambling, irrespective of skill or chance, will attract 28% GST on full-face value of the bets from October 1, 2023. The government believes some of these firms leveraged the lack of clarity on taxation of "game of chance" and "game of skill" before October 1 and there was a need to have a uniform 28% GST on the full value of bets placed on online gaming platforms.
The show cause notices were issued after the government clarified that online gaming, betting, and gambling will be levied 28% GST on the full face value from October 1. The government believes that some of these firms leveraged the lack of clarity on taxation of "game of chance" and "game of skill" before October 1 and there was a need to have a uniform 28% GST on the full value of bets placed on online gaming platforms. The government also amended the GST law making it mandatory for overseas online gaming companies to register in India from October 1.
(This story has not been edited by THE WEEK and is auto-generated from a PTI
Head Digital Works expects online poker to make up nearly 20 percent of its revenues over the next three years