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HomeNewsIndiaIndia targets $1.7B in gambling tax revenue for 2024

India targets $1.7B in gambling tax revenue for 2024

The Indian government anticipates collecting approximately INR 140 billion ($1.7 billion) in goods and services tax (GST) from online gambling companies in the upcoming financial year.

The figure was revealed by Indian Revenue Secretary Sanjay Malhotra and reported by Reuters. As of October of last year, a 28 percent tax has been imposed by the government on funds collected by online gaming companies from their customers for each bet. The decision stirred controversy and was seen as a setback for the booming market by some, but authorities justified the move by expressing concerns about addiction issues associated with online gambling in India.

In an interview, Malhotra revealed that in the current fiscal year ending on March 31, the government is expected to collect approximately INR 75 billion ($903.6 million) through GST from online gambling companies. This marks a substantial increase from the INR 16 billion ($192.7 million) collected in the previous year, with the tax generating INR 35 billion ($421.6 million) in the October-December quarter alone.

The Revenue Secretary also stated that a comprehensive review of the framework for taxing online gambling companies is scheduled for April, clarifying that this review does not necessarily imply changes in tax rates.

Frank Schuengel
Frank Schuengel
Frank Schuengel is an online gambling industry veteran with over twenty years of experience in Europe and Asia. Equally at home in the Isle of Man and the Philippines, he started his career as a sports trader before setting up and running whole operations, and more recently focusing on the regulatory and licensing side of things in the worlds of fiat and crypto eGaming. When he is not writing about gambling topics, he can be found cycling around Manila and advocating sustainable transport solutions for a Philippines based mobility magazine.

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