GST Information on A23
The Govt. of India has amended GST laws to levy 28% GST on every deposit on all online money gaming platforms, effective 1st October, 2023.
- Amount Charged - Rs. 1,000
- You deposit amount - Rs. 782
- GST applicable - Rs. 218
- (This is applicable for all online gaming platforms)
GST(Goods and Services Tax) is an indirect tax levied by the government on the supply of goods and services. For online gaming, including online real money gaming, GST is levied on deposits made with the online gaming platforms.
In the 50th GST Council meeting held on July 11, 2023, the GST Council recommended that 28% GST should be applicable on deposits made with the online gaming platforms. Based on the recommendation, the Government of India amended the Central Goods and Service Tax Act, 2017 and Integrated Goods and Service Tax Act, 2017, applicable with effect from 1 October 2023 and the rules made thereunder. As per this rule, GST at the rate of 28% will be levied on the users on every deposit he makes with an online gaming platform.
As per the new GST changes by the government, we are required to charge GST at the rate of 28% on every deposit made by a user in his Deposit Account. After we collect the GST amount, we remit it to the government.
Example: if you are depositing INR 100 in your Deposit Account, the total amount charged to you will be INR 128 (which will include the GST at the prevailing rate is 28% i.e. INR 28). On payment of INR 128, your Deposit Account will get credited with INR 100 and the remaining amount of INR 28 will be deducted as GST on deposit and remitted to the GST authorities by us.
After making a deposit, the user can check the GST invoice in the transaction summary section. It takes approximately a day to generate an invoice. So, users can download the invoice once it is available.
If payment was not successful, and in case any amount got deducted from your account including the GST, will be fully refunded in 3 to 4 working days.
No, GST is not applicable on Bonus. It will be credited to your account without any charges.
As per the new GST law, 28% GST will be charged on every deposit.
Yes, you will be informed with GST you are paying for a particular deposit in the Add Cash page.
Once the deposit is successful, Transaction Details can be seen under which GST Paid will be shown. Furthermore, users can navigate to the Transaction Summary page from settings to view all transactions and GST paid.
For the calculation of net winnings for the purpose of TDS, the amount credited into your Deposit Account will be considered, which will exclude the amount paid towards GST
