Other day the minister of finance was replying to a question in the parliament that valuation rules for levying goods and services taxes of 28 percent on online real money gaming are prospective in nature. And the taxes will be on face value at entry level only. It means that a gamer playing with sky exchange online betting will pay only once at the time of entry. There will be no taxes on repetitive betting.
Professional’s gamers often invest the winning amount from the first bet into another betting. This way, they increase the chances of winning more than money spent in paying taxes. The finance minister also clarified further that taxes are only for entry level bets and not on each game betting. The effective date for implementation of the new tax regime was October I 2023. So this fact has increased the winning opportunities for gamers with skill and experience.
However, there was no comment from the finance minister regarding the retrospective tax demand made by the goods and services directorate. This combined retrospective demand from leading online gaming real money platforms and fantasy sport companies exceeds one lakh crore rupees.
The worry is for companies engaged in providing online real money gaming services to gamers. Gamers can come to online platforms like skyexchange-id.info to play fantasy sports, board games, live casino or real money games. They only need to pay one- time tax on the face value of their bet.
Professional gamers prefer real money games to other games as it helps them to earn by using their skills. Online gaming platforms also provide tips backed by their technical teams and data analysis. However, only experienced gamers could use the tips to create favorable situations. Responsible gaming companies including sky exchange also caution gamers on betting and wagering. Betting should be from money which a gamer could lose without affecting their monthly budget.