NACIN Mumbai hosts GST symposium on online gaming legal framework.

The National Academy of Customs, Indirect Taxes & Narcotics (NACIN) in Mumbai conducted a GST Symposium titled “Decoding the new GST legal framework for Online Gaming” on March 21, 2024. The symposium, inaugurated by Prabhat Kumar, Principal Additional Director General (Pr.ADG) of NACIN, aimed to shed light on the latest amendments and their implications for the burgeoning online gaming industry.

With a turnout of 56 officers from both the Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) departments, the symposium provided a platform for in-depth discussions on various issues, including the latest amendments and their impact, as well as legal cases pertinent to the domain.

One aspect discussed during the symposium was the introduction of a uniform taxation rate for online gaming activities.  According to the recommendations put forth by the GST Council in its 51st meeting held on August 2, 2023, online gaming is to be taxed at a uniform rate of 28% on the full value of bets placed, regardless of whether the games are classified as ones of skill or chance. This decision marks a moment in the tax regime governing online gaming, as it establishes a consistent framework for taxation across the sector.

Speaking at the symposium, Prabhat Kumar emphasized understanding and adhering to the new GST regulations for online gaming.

The discussions held during the event are expected to make the way for greater clarity and compliance within the industry, encouraging a conducive environment for sustainable growth and development.

As the online gaming landscape continues to evolve, initiatives such as the NACIN Symposium play a crucial role in equipping stakeholders with the knowledge and insights necessary to navigate the regulatory landscape effectively.

Source from: https://g2g.news/gst-on-online-gaming/nacin-mumbai-hosts-gst-symposium-on-online-gaming-legal-framework/