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faux saint laurent bagchanel double flap bag mediumfaux saint laurent bagcamera bag cyber monday India's government says it will impose a 28 percent tax on funds that online gaming companies collect from their customers in a setback to the $1.
5bn industry.
The sector has been growing at an annual compounded rate of 28 percent to 30 percent and has also drawn international investors.
On Tuesday, Indian Finance Minister Nirmala Sitharaman, who chairs the goods and services tax council, made up of state finance ministers, said the decision to tax online gaming was reached after extensive discussions.
This higher tax burden will impact companies' cash flows," said Aaditya Shah, chief operating officer at the gaming app IndiaPlays.
The proposal "will bring game of skill at par with wagering contracts, which are in the nature of gambling and betting", said Kishore Kumar, indirect tax lead at Taxmann.
The change announced on Tuesday will impose a 28 percent tax on the entire amount collected from players in every game.
The revenue of fantasy gaming platforms during the popular Indian Premier League cricket matches rose this season, which ended on May 29, by 24 percent from last year to more than $342m with over 61 million users participating, Redseer consultancy said this month.
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