GST Council Recommends 28 percent GST On Deposit For Online Gaming Apps

GST Council Recommends 28% GST On Deposit For Online Gaming Apps #possible11 #gst #fantasy #dream11 Telegram Channel Link:- ????????? https://telegram.me/possible11app More Detail Visit Website :- ????????? https://possible11.com/ App Link :- ????????? https://play.google.com/store/apps/details?id=com.possible11.possible11 Social Media Handles *** Follow us on: Facebook :- ????????? https://www.facebook.com/possible11App Instagram :- ????????? https://www.instagram.com/possible11app/ GST Council Recommends 28% GST On Deposit For Online Gaming Apps. The Goods and Services (GST) Council in its 51st meeting held virtually on August 2 decided that it will review the 28 per cent tax levied on online gaming, casinos, six months after it comes into effect from October 1, 2023. The decision was met with mixed reactions from the online gaming industry, with some companies expressing concern about the high tax rate and others welcoming the clarity on the taxation framework. Pros of the Decision: The decision to review the tax after six months gives the industry some time to adjust to the new tax regime. The clarification on the valuation of supply provides certainty for gaming companies and helps them to plan their finances. The decision to exclude the amount entered into the games and bets out of winnings of previous games from the tax base is a positive step for the industry Cons of the Decision: The high tax rate of 28% is a major concern for the industry. The tax will be levied on entry-level deposits, which means that even players who do not win anything will have to pay tax. The tax could discourage players from participating in online gaming, which could have a negative impact on the industry. The GST Council's decision to levy a 28% tax on online gaming is a mixed bag for the industry. The clarification on the valuation of supply is a positive step, but the high tax rate is a major concern. The industry will need to wait and see how the tax is implemented before it can assess the full impact of the decision. -------------------------------------------- Background music From YouTube Audio Laibrary use free copyright music I declare that all slideshow belong me.Photos all are taken from Google lmage search and using advanced image search option.All images were fairly used during the making of this video for entertainment purposes.We do not mean to victimize anybody emotionally.Thanks to Google for providing this beautiful and related pictures. ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,!!!!!!!!!!!!!;!;;;;;;;; FAIR-USE COPYRIGHT DISCLAIMER Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, commenting, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use. Thanks for watching.