A crucial plan on proposed taxation of iGaming by an Indian panel has yet to submit its findings, despite weeks of working on it. A local panel of India state finance ministers was assigned the responsibility of coming up with something for the sector that is booming in India.
When the group will finalize a plan is up for debate. The local media in India has reported that no timetable has been set and it appears a formal plan could be weeks away.
A senior government official told Reuters that the report is desperately needed because it will determine how levies will be Imposed on the companies.
Apparently, the panel has wrestled how It should tax the online gaming companies. They have also wondered If federal taxes should apply to just the profits from the companies or the value of the entire amount of money collected.
It comes at a crucial point In India, as iGaming has grown In popularity. A bevy of foreign Investors, such as Tiger Global and Sequoia Capital are backing start ups Dream11 and Mobile Premier League.
At the same time, India is also working on regulating the Industry. It was estimated by research firm Redseer that iGaming will be worth $7 billion by 2026.
Getting policy in place is crucial with the money that should be flowing into the sector. Having a country-wide laws governing iGaming would be necessary. Those policies will apply to all real-money games.
A meeting of the GST Council was held Friday and state finance chiefs as well as the panel discussed tax laws. This Is yet another piece of law that must be finalized, hopefully by the end of the year.
