Over the past decade, online gaming has experienced explosive growth in popularity throughout the globe, including India. This transformation has been fueled by technological advancements, increased internet accessibility, and evolving entertainment preferences among the country’s youth. As the gaming landscape evolves, its impact on various aspects of society becomes increasingly significant.
However, this surge in popularity also brings challenges, one of which is the recent imposition of a 28% Goods and Service Tax (GST) by the Finance Minister, Nirmala Sitharaman. The GST applies to online gaming, horse racing, and casinos, and it will be levied on the total value of bets made or chips purchased, without distinguishing between skill-based and chance-based games. The move aims to address moral implications associated with the industry while ensuring its continuity.
This article delves into the surge of online gaming in India, investigating the factors driving its rapid growth in popularity, the challenges it encounters, and the significant impact it has on various aspects of society. Additionally, it will discuss the imposition of a 28% GST on online gaming services, and the like, and its implications.
EVOLUTION OF ONLINE GAMING IN INDIA
The roots of online gaming in India can be traced back to the early 2000s when internet connectivity started to become more accessible. At the time, online gaming primarily revolved around simple flash-based games and multiplayer platforms. However, with the advent of high-speed internet and the proliferation of smartphones, the gaming industry witnessed a seismic shift.
KEY FACTORS DRIVING ONLINE GAMING GROWTH IN INDIA
Denne historien er fra July 2023-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra July 2023-utgaven av Beyond Market.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
PRUDENT PRACTICES
Banks worldwide navigate a complex balancing act, steering economies toward growth while safeguarding financial stability through thoughtful management of interest rates and credit risks
RETAIN ROULETTE
Inexperienced investors spin the market wheel, chasing dizzying valuations and risking a bubble burst
UNRAVELED THREADS
Bangladesh's crisis disrupts global textiles, offering India a potential opportunity, but production constraints limit its gains
PASSING THE BATON
Succession planning helps ensure uninterrupted leadership
RISKY BUSINESS?
SEBI's efforts to protect retail investors from derivatives market risks could inadvertently dampen market volumes
INFLATION-PROOF YOUR CHILD'S FUTURE
Inflation might be stealing your child's future, but children's mutual funds can be their superhero
EMBRACE UNCERTAINTY, SAYS MARKS
Howard Marks urges investors to embrace uncertainty, long-term thinking, and focus on controllables, shunning in his memo “The Folly of Certainty”
IMPORTANT JARGON
70% OF INDIVIDUAL INTRADAY TRADERS IN THE EQUITY CASH SEGMENT MAKE LOSSES, FINDS SEBI STUDY
AN ASCENT T'O NEW HEIGHTS
The IMF predicts India's economy to reach 55 trillion by 2047, driven by various economic indicators showing positive growth and government initiatives
CARRY TRADE CRASH: GLOBAL MARKETS REEL
Japan’s Policy Shift Sends Shockwaves Through Global Markets, Including India, as Yen Carry Trade Disintegrates
