Alleged Tax Evasion of Rs. 23000 Crore: CBIC seeks information from foreign Gaming Companies
The Central Board of Indirect Taxes and Customs (CBIC), in action to curb tax evasion by gaming companies located outside India, has issued letters seeking information from offshore companies based in Malta, United Kingdom and Gibraltar. The foreign companies have allegedly evaded tax to the tune of Rs. 23000 Crore from gaming, especially online gaming. The CBIC had issued letters to...
The Central Board of Indirect Taxes and Customs (CBIC), in action to curb tax evasion by gaming companies located outside India, has issued letters seeking information from offshore companies based in Malta, United Kingdom and Gibraltar.
The foreign companies have allegedly evaded tax to the tune of Rs. 23000 Crore from gaming, especially online gaming. The CBIC had issued letters to six gaming companies almost six weeks ago.
In the attempt to find the true extent of money that Indians have spent on various gaming services provided online and how much of it is being taxed as Goods and Services Tax (GST) and Income Tax , the current proceedings are initiated.
In October, a Maltese gaming consultant had received a prison sentence of two and a half years from a German court for alleged tax evasion.
The gaming business, especially remote gaming business has brought millions of dollars in revenue to the Island Nation in the Mediterranean Sea.
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