In the middle of the year, the government announced that 28% GST would apply to the online gaming, which includes Real Money Gaming (RMG), teen patti, poker, rummy and fantasy sports. The decision came into effect on 1st October, 2023 and there is a possibility of reconsidering the policy after six months. Meanwhile it has sent the RMG startups, as well as established companies in a frenzy, as they are taking calculative steps to ensure that the move does not hamper business.
Commenting on the issue post the GST Council Meet, Union Finance Minister Nirmala Sitharaman had said that the taxes would be applicable only on the total amount deposited. She had further clarified that it excludes the amount entered into the games out of winnings of previous games, adding that a review of the same would be done six months down the line.
How are RMG players retaining their user base after the GST rule?
A reliable source from GetMega, a leading Indian real gaming platform said, “Word of mouth and transparency have been the key factors in determining the user engagement at our platform and also in the industry. In the wake of the current GST rates, Real Money Gaming as a segment is undergoing some significant changes. For instance, a few like GetMega have taken measures such as 100% GST cash back with instant withdrawal option to alleviate the impact on users, and keep the base intact.:
“Major industry players are focusing on ensuring the full value of the money invested by users, and most importantly it is not in the form of a third-party wallet or in a time-bound manner. The focus should be on establishing an effective outreach and expanding the user base.”
GetMega has become extremely popular among online players who love their game of Mega Poker and its variants like -Holdem Poker, PLO Omaha 4, 5, 6 as well as Rummy. They ensure fairplay and also make sure that there are no bots playing against humans. With timely and secure payments, GetMega is one of the safest Real Money Gaming platforms. It has table options for beginners, intermediaries and experts. With a Welcome Bonus of Rs 3000, gaming enthusiasts are already excited about fresh beginnings.
Varun Sharma is a BPO employee and an avid online gamer. He has previously won decent money, and he shares his thoughts on the impact this step will have on him. He said, “A game of Poker requires one to be skilled and know when to call it quits, but I am not quitting yet as the RMG companies are offering great discounts and cashbacks. So, essentially, I ended up not losing any money after the increased taxation.”
“While the game refreshes my mind, it helps me to earn some extra income in the same time. I invest a part of this money in stable investment options, and I am still left with a great amount with which I can splurge and spend on my loved ones.”
For now, things seem to be in control, and Online RMG companies have stood up to tackle the situation head on. And the leader boards at these online Poker games seem to be ringing non-stop.Please find attached the picture for your kind perusal.
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