The Union Budget 2023-24 has left the online gaming industry dismayed by retaining the high 28% GST rate on the sector as discussed on LiveMint.com. Valued at $2.2 billion today with over 400 operators, online gaming is a sunrise industry projected to grow to $5 billion by 2025. The exorbitant GST rate is illogical when gambling and betting get only 18% GST in the real world. “We know updating laws and regulations requires some short-term sacrifices for the long-term sustainability of the online gaming sector. Overall, the high GST rate is set to have significant repercussions across the online gaming and casino industry.

Source: Mint February 15, 2024 08:07 UTC