IPL 2022: In an interesting development, IPL 2022 & BCCI primary sponsors Dream11, My11, and the fantasy industry are set to be levied 28% GST. The Group of Ministers (GoT) will submit its report and the new rule will be implemented soon. Follow IPL 2022 Live Updates on InsideSport.IN.
A panel of ministers from several states are apparently in favor of levying a solid 28% GST on online gaming, casinos, and race courses. This issue will also be raised in the next meeting of the GST council.
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IPL 2022: IPL 2022 & BCCI Sponsors Dream11, MyTeam11 and fantasy industry set to be LEVIED 28% GST, Group of Ministers submit its report
The group of ministers (GoM) comprising representatives from several states finalized its recommendations on Wednesday and is expected to submit its report over the next few days. “The GoM on casinos, race courses, and online gaming has come to a consensus,” Meghalaya chief minister Conrad Sangma, who chairs the panel, tweeted, without elaborating the details.
IPL 2022: IPL 2022 & BCCI Sponsors Dream11, MyTeam11 and fantasy industry set to be LEVIED 28% GST, Group of Ministers submit its report
IPL 2022: Current GST on the fantasy industry is 18%
Currently, the fantasy industry has an 18% levy, but that is soon to be changed as GoT will have it tweaked to 28%. “With the number of online gamers in India expected to grow to 650 million by 2025, the Indian online gaming industry is well on its way to revolutionizing the global gaming market, and favorable taxation is one of the biggest boosts to this growth. Our recommendation to the GoM is to levy GST on the GGR or platform fee earned by operators.
This is in the greater interests of the industry, and also in accordance with global practices. We hope the outcome will be reflective of the same,” lobby group the Federation of Indian Fantasy Sports said.
IPL 2022: Saurabh Agarwal tax partner at consulting firm EY India explains the increase in GST on the gaming industry
Saurabh Agarwal says the increase in some gaming sectors will be spiked from the original 18%. But he stated that an increase in all forms of gaming should not be considered for time being.
“The increase in the GST rate on casino, racecourse, and online gaming is likely to see a sharp increase in revenue for the government from these sectors. However, all forms of online gaming should not be considered for GST at 28% as many such games are merely meant for entertainment,” said Saurabh Agarwal, tax partner at consulting firm EY India.
IPL 2022: IPL 2022 & BCCI Sponsors Dream11, MyTeam11 and fantasy industry set to be LEVIED 28% GST, Group of Ministers submit its report
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