Here are some of the announcements made by Union Finance Minister, Nirmala Sitharaman while presenting the Union Budget 2023-24 for the online gaming and lottery industry.
For online games, it is proposed to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year. Moreover, TDS would be without the threshold of Rs 10,000. For lottery, crossword puzzles games, etc threshold limit Rs 10,000 for TDS shall continue but shall apply to aggregate winnings during a financial year.
The online gaming industry has been seeing good growth over the last few years. The clarity is good in helping the gaming industry, which is likely to deliver good growth as young millenials get increasingly attracted. The clarity on puzzles and crosswords has also been welcomes by the industry.
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