Online gaming firms issued 71 show cause notices over GST evasion of ₹1.12 lakh crore: Finance Ministry – Gudstory

“71 show cause notices related to GST Rs 1,12,332 crore has been released to online gaming companies during financial years 2022-23 and 2023-24 (till October 2023). Since these notices are pending for decision, the related GST demand has not yet been determined under the provisions of the CGST Act, 2017,” said MoS Finance Pankaj Chaudhary.

According to the minister, 154 people have been arrested in the current financial year Rs 18,541 crore was recovered.

excessive theft During the financial year 2022-23, Rs 1.31 lakh crore was detected and 190 people were arrested. total of Rs 33,226 crore was recovered. GST evasion stopped 73,238 crore more in 2021-22 49,384 crore in 2020-21. remained on the number 40,853 crore in FY20.

The Indian government in August had decided to impose a 28% tax (on the full value of bets placed on such platforms) on online gaming companies. This resulted in some companies – such as Mobile Premier League – having to announce layoffs.

Several companies have since approached high courts to contest the claims submitted by revenue officials.

The government has also amended the GST law, making it mandatory for foreign online gaming companies to register in India from October 1. Chaudhary, however, said that no foreign online gaming company has registered in the country after October 2023.

(with inputs from agencies)

Milestone alert!Livemint tops charts as fastest growing news website in the world Click here to find out more.

Updated: 05 Dec 2023, 07:19 PM IST