Online gaming firms wary of higher GST rate; say tax on prize money will impact business

It was reported last month that the government may consider a single tax rate for online gaming companies and will also ascertain whether goods and services tax (GST) should be applicable only on the amount retained by the platform or also be levied on the prize money. Reactions from companies in the field have been cautious, with apprehensions over which tax slab gaming firms will fall under. Tar…