Hema Kulkarni
KF Mentor
Is it true that Govt has asked all the Online Gambling companies like Dream 11 to submit 28% GST for past years also. I heard they only collected 18% GST. With 10% extra GST most of these companies would go bankrupt
28% GST on Online Gambling
- Thread starter Hema Kulkarni
- Start date
anuragmukherjee28
Moderator
Dream 11 me Paisa lagana hi band ho gya , no khusi jindegi me 
Shubham Chhapariya
KF Ace
No there is not any official announcement yet but yes there was a bill passed where from coming days these company need to pay 28% gst but not on past earning
Manoj Kohli
KF Expert
Heard similar news in one of my WA Groups
Harsh Shah
KF Expert
I agree with shubham these companies need to pay 28% gst after the bill passes but not on past earnings.
If this is implemented them most small companies will have to shut down .
anuragmukherjee28
Moderator
making profits out of gamble is very difficult
Tax with Ria
KF Expert
STOP THIS NOW! 
To all the readers, here's a quick reminder to everyone .
Nowadays, everyone will see ads of Dream 11, Rummy Circle, Pokerbaazi and other online gaming platforms.
They lure young minds with hefty prize money or addictive games to play on daily basis by giving them joining bonus or referal bonus which is withdrawable sometimes.
But to all of them who are playing on such online gaming platforms, any profit(net winnings) earned is fully taxable @ 30% under section 115 BBH under income tax and GST is levied on net winnings @ 28% if your profit or net winning is more than 1 rupee, regardless of whether it involves games of skill or chance.
However TDS is also deducted under section 194BA on net winning @30%, if more than 100 rupees, by these online platforms.
Example- If you've earned 1000 rupees as net winnings, then
Income tax -300
GST- 280
HEC @ 4%- 24
*NET WINNINGS= (A+D)-(B+C)
A-Aggregate amount withdrawn from the user account during the financial year;
B-Aggregate amount of non-taxable deposit made in the user account by the assessee during the financial year
C-Opening balance of the user account at the beginning of the financial year (Excluding Incentive/Bonus Which is Non-Withdrawable)
D-Closing balance of the user account at the end of the financial year (Excluding Incentive/Bonus Which is Non-Withdrawable).
Net profit received is 396 or 400 rupees approx.
Now this profit earning platform or earning money instantly is under severe government regulations so please never recommend anyone to get registered on these online gaming platforms neither get lured by heavy advertisment starring your favourite cricketers or bollywood celebrities.
Rahul Sadhotra
KF Rookie
I M Rahul......professionally I m Accountant...and I have a good experience in Accounting......u have asked me about Gst
