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GST on Online Gaming Services by Anjali Devri





Article Author Biography
GST on Online Gaming Services by
Article Posted: 09/11/2021
Article Views: 76
Articles Written: 72
Word Count: 375
Article Votes: 0
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GST on Online Gaming Services


 
Business,Business News,Business Opportunities
Virtual reality has made gaming an integral part of our lives. This epidemic has also transformed the playgrounds of children. Both the online gaming industry and India's income has seen exponential growth. Online gaming will grow at a rate of 22 percent per year and reach $2 billion in 2023. It is crucial to clarify any uncertainties regarding sector taxes, given the sector's growth trajectory. This article will explain GST on Online Gaming Services.

What business model is Online Gaming?

Online Gaming Services operate under different business models. These are the most popular and important:

? First, online gaming platforms charge players ' rake fees' (or enrollment fees). These fees can be used to pay a subscription fee for the platform. ? Similar to the previous example, gamers may be able to use monetary options on the platform. A pool is created if players decide to play with money. The pool's prize money is made up of all contributions by all players. The platform will deduct a commission and the prize money will be released to the winner. ? Finally, the player may have to pay an additional fee for extra features such as unlocking new levels or purchasing more life, performance boosters, and so on. Another source of revenue is in-app advertising.

GST for Online Gaming

Section 7 of the 2017 CGST Act defines supply. Therefore, any transaction that is not included in this definition falls outside the scope of GST. Section 7 states, inter alia, that activities and transactions covered by Schedule III to CGST Act 2017 will not be considered as a supply of goods or as the supply of services. Item no. 6. The said schedule identifies " actionable claims other than lottery, betting, or gambling." Any actionable claim other than gambling or lottery betting would not be covered by GST law. The GST Act does not define the term " actionable claims" It simply refers to the definition of actionable rights from the Transfer of Property Act (1882). We have seen that among the three major revenues an online gaming portal can make, both advertising revenue and rake fees are subject to GST.

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