Tax and Accounting Compliance within the Online Gaming Sphere
How it Started in CGST ACT
SCHEDULE III of the CGST Act contains “Activities or Transactions which shall be treated neither as a Supply of Goods nor a Supply of Services”
#Old Para 6 of SCHEDULE III =Actionable claims, other than lottery, betting and gambling
#New Para 6 of SCHEDULE III=Actionable claims others than except Specified Actionable Claim
This means Specified Actionable Claim will comes under perview of GST
Examples of Actionable claim-(1) betting (ii) casinos (iii) gambling (iv) horse racing (v) lottery or (vi) online money gaming
This way all Gaming Industries were entered in preview of GST
Now there wont be game of skill for online gaming industries i.e. no benefit of 18%
