India anticipates collecting up to 140 billion rupees ($1.7 billion) in Goods and Services Tax (GST) during the next financial year through the taxation of online gambling companies, says Revenue Secretary Sanjay Malhotra.
In October, the government enforced a 28 percent tax on funds garnered by online gaming firms from their clientele for each bet, causing a stir in the burgeoning $1.5 billion industry supported by international investors. The government justified this action by highlighting concerns about addiction.
The secretary mentioned that by the end of the fiscal year on March 31, the government is projected to collect approximately 75 billion rupees ($903 million) from taxes, marking a significant increase from the previous year’s 16 billion rupees ($193 million).
Malhotra also revealed that the Indian government has generated 35 billion rupees ($421 million) solely from GST in the October-December quarter.
