New Delhi:
The Federation of Indian Fantasy Sports (FIFS) on Wednesday urged the government not to impose a 28% GST on online gaming with retrospective effect, as it is discouraging investors from putting their money into this booming industry.
The GST Council in its meeting in August held that online gaming would attract 28% GST on the face value of bets at entry level. Pursuant to the decision, the GST authorities have sent notices to several online gaming companies for recovery of taxes.
Speaking at the ‘TIOL Tax Congresss 2023’, Federation of Indian Fantasy Sports (FIFS) Director General Joy Bhattarcharjee said the issue of GST rate is more or less settled and the only issue that the industry have is retrospective provision of the law because it is discouraging investors to put in their money into this booming industry,” he said.
“However, retrospectivity of GST provisions is a very difficult blow for us. Having ‘contingent liability’ will spook away the investors whom we need during this growth phase,” he said.
Also, speaking at the occasion, Directorate General of GST Intelligence (DGGI) Principal DG Anil Kumar Gupta said that the government’s intention is not to discourage a rising industry, but to settle an issue lingering for a long time and the government is quite open to looking into the progress after some time.
“It was not an easy decision… moreover, it will be up for review after six months, wherein depending on the scenario, the government will take a call,” Mr Gupta said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)