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Akil Khan
•September 20, 2023
India's gambling industry is stated to be booming as before, during, and after the pandemic. People have moved towards online gaming for entertainment and, of course, to make money. A Deccan Herald report states the gaming industry is projected to reach $5 billion by 2025, and an annual growth rate of 28% to 30% will be witnessed. Despite this, as every industry pays taxes, the casino industry is bound to be among them.
Let's follow the detailed guide on how taxation policies impact casino growth.
Akil Khan
•September 19, 2023
Hiding your gambling income from the tax in-charge is difficult, as they are eager to grab them in a cramp. Does this happen in India? In a thoughtful approach toward developing the country's finance sector, the latest tax regime is being constructed to grab some pennies from the customer and their winnings.
A deliberate jump in the GST and TDS taxes from the previous slab has prompted many gamblers to withdraw from these gambling activities. But is it possible for Indian gamblers? No, as gambling is an addiction for them, distracting from gambling is a tedious task. They are looking for protective ways to lower the tax amount. Putting a nod on this statement, the industry believes that the sudden upscale in the GST revenue can lead to value destruction for the casino industry.
Akil Khan
•September 18, 2023
What is the common link between a gambler and a politician? A gambler never lies, and a politician never admits the truth. Instead of discussing the political landscape in India, chase the rapid growth of the Indian economy due to the emergence of the gambling industry. What is the current portfolio of the gambling industry? It is rising by confronting every obstacle and will have a boom fortune in the upcoming years. With a drastic upscale in its revenue, it has also boosted the income of the Indian government through online and offline gambling. What a surprise, India is now one of the dominating countries, and it is due to its robust financial strength. Are you ready to see your little contribution to uplifting your nation's economy?
Akil Khan
•September 15, 2023
In India, taxes, death, and birth never tell accurate times or dates before levying. Reputable casinos can be witnessed in a five-star hotel where the land-based casino resides. What is the excitement provided by them? Entering the reputable casino floor, get the gambling accomplishment right there. Are they free or chargeable? They are chargeable and affixed with GST taxes but are great to explore. This article is meant to provide information on the GST on different casino services, including games provided to gamblers.
Akil Khan
•September 14, 2023
Casinos are today's playgrounds for adults where fortunes are wagered, and memories are created. Each state in the colorful tapestry of India has its special taxation laws and rules about land-based casinos.
To analyze the variations in tax rates, license fees, and other levies that influence the casino sector, let's roll the dice and take a whirlwind journey around different landscapes of India.
Akil Khan
•September 13, 2023
An unwise gambler and money are parted soon, but the witty one waits for the income tax to arrive. This line reveals the situation of Indian gamblers paying income taxes on their every income earned from gambling. Recently, distressing news is continuously coming in digital newspapers on implementing 28% of GST (goods and service tax) on online casino games, decided at the 50th Council board meeting. Is it acting as an existential threat to the booming casino industry, and do gamblers spell its death toll on this decision? This article discusses Indian taxation, how it differs from other international countries, and other belongings here.
From now, every segment would reveal a differentiation in the taxation of India and its casino gambling regulation with other countries in the world. So let's read ahead-
Akil Khan
•September 12, 2023
Did you enter a maze anytime? The income tax department in India is confusing, like a maze, especially the tax levied on winnings from casinos. Like the nature of naughty toddlers, taxes are often changeable but hardly ever forgotten. The Income Tax Act 1961, which came into force on April 1, 1962, states that any income received as winnings from lotteries, races, card games, etc., are chargeable. Don't worry; the neighbors do not assess it. These winnings are all taxed to the Income tax of India. Section 115BB of the IT Act acts as a separate taxing mechanism for these winnings.
Akil Khan
•August 17, 2023
Online casinos are categorized into two major categories - licensed and unlicensed casinos. The former is majorly opted by the players to secure their transactions and play in a safe environment. The state's law does not recognize the latter, and players must play in these casinos at their own risk. You may get better gaming options in unlicensed casinos, but they come with the fear of promoting gambling addiction, and responsible gambling may be a far-off word.
Let's dive deep into the world of licensed and unlicensed casinos.
Akil Khan
•August 16, 2023
Online gambling in India has come a long way. Legal measures are set up for playing games and depositing the money when making a bet. Even Indian casino players must check out the security of different payment gateways in the country. It is always advisable to play at a recognized and licensed casino. This will save you from any problems or legal issues later on. It is always better to be safe than sorry.
Let us now walk you through the legal considerations and security measures undertaken for payment systems in India.