Online gaming has become a social lifeline and has a large community of people building connections. Although the concept of socialization in a game is new to many, video game enthusiasts have been using technology like this to build friendships online and stay connected for a long time. The next question to ask is what about the taxability of online gaming?
The clarifications proposed by the Union Budget 2023 with respect to the Taxation of Online Gaming have been welcomed by the industry and its stakeholders. The Union Budget proposes the insertion of separate provisions under the Income-tax Act, 1961 to specifically govern “online gaming” and thus seeks to lay down a separate taxing regime for online gaming.
Against this backdrop, Stella Joseph, Partner, and Yash K Desai, Senior Associate. Economic Laws Practice (ELP) has co-authored an article titled “Taxation of Online Gaming: Key Union Budget 2023 Proposals and Implications” published by MediaNama, which dissects the details of the Budget proposals and discusses its impact on the industry.
Read the article here: https://bit.ly/3lf9ElM