Cricket World Cup will increase the Indian GDP by one billion dollars but will become a tax villain
Game experts question central government’s decision to impose 28 percent GST High percentage of GST on face value wrong : Recently Rs.55000 crore GST notice challenged in court
New delhi date. 10 : On the one hand, the thrill of World Cup cricket has started in India and it is believed that India’s team is in the mood to win the World Cup with the start of India’s victory against Australia. Cricket World Cup or any sporting event now also contributes very significantly to the country’s GDP. However, as in Ahmedabad, the stadium remained empty in the opening match itself
But the organizers believe that the tempo of the World Cup will increase as the competition progresses. A Bloomberg report on the American pop idol and magician booms says it will add $5.4 billion to America’s GDP in the third quarter of this year. While the Bank of Baroda believes that for India’s Cricket World Cup, another business of Rs. 22000 crore, in which everything from ticket sales to TV rides and food delivery has contributed, will add one billion dollars to India’s GDP.
But recently, as the Indian Tax Authority slapped 28 percent GST on online games including fantasy games and issued notices to platforms including Dream Eleven for tax evasion of Rs 55,000 crore last month, the tax shadow has fallen on this sports factor that boosts the economy and GDP. Experts believe that. Even if you are playing for free in the fantasy app, 28 percent GST is levied on your winnings and 28 percent GST is levied on your in-game bets. Bangalore-based GameCraft Technology has launched a legal challenge to the rule.
But it’s not just a fantasy sports app question. 1. All types of online gaming have been taxed and it is believed that the game startups in India will be hit hard by this situation. Lotteries also tax you on the tax value and are a large source of revenue in many states. However, the former finance minister of Tamil Nadu Paneervel T. Rajan says that lottery is different. You don’t buy a 10 rupees ticket to win a prize of Rs. You can spend Rs. If you take a bet of 100 then approximately Rs. 78 in your account. will be deposited.
