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Online gaming companies continue to be on India's radar: Sources
The government has identified instances where online gaming companies restructured themselves to evade GST & income tax.
The top government has conducted a detailed analysis of the sector highlighting, “money laundering, tax evasion and terror financing being reported in the garb of online real money gaming in the country,” sources added. (Representational image via Unsplash)
Troubles do not seem to be ending for the online real-money gaming industry. According to sources, the sector continues to be on the government’s radar.
“Government agencies including ED, I-T & GST departments are currently closely analysing money movement through online gaming companies,” sources told CNBC-TV18.
The top government has conducted a detailed analysis of the sector highlighting, “money laundering, tax evasion and terror financing being reported in the garb of online real money gaming in the country,” sources added.
Noting this, the government agencies are currently on a high alert, sources added.
The analysis conducted by the government shows “High possibility online gaming companies being used to launder money. The government has identified instances where online gaming companies restructured themselves to evade GST & income tax. The analysis further states that online gaming companies may be using off-shore subsidiaries to evade taxes while operating in India,” sources added.
It is also understood that online gaming companies in “some cases may have restructured to move ownership abroad. There are also instances which shared that companies brought in cosmetic changes to names of games to enable money laundering,” sources added. Soon more action by agencies such as Income Tax, Enforcement Directorate and GST department is expected, sources shared. To be seen is further tightening of norms and policies to ensure the least possible tax evasion.
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