India boasts a diverse and dynamic gambling industry which has witnessed a significant expansion in recent years, particularly in the online sector. Online real money casinos have emerged as a lucrative segment, offering a variety of gaming options, including poker and rummy. However, the industry faces stringent regulatory norms, with the legalisation of gambling activities varying across states.
The industry has recently encountered heightened scrutiny and enhanced tax liabilities, with the introduction of the Goods and Services Tax (GST) levied at 28%. This taxation, focused on the gross bet value of games, has prompted concerns and criticisms, impacting investments and operations of gaming companies within the country.
Delta Corp, a prominent casino operator in India, valued over $566 million, recently disclosed the receipt of a substantial tax notice from the government, demanding payment of INR 111.4 billion in tax, alongside interest and penalty, spanning July 2017 to March 2022.
The GST Council’s recent amendment in July to impose a 28% indirect tax on the revenues accumulated by gaming companies from customers has amplified Delta Corp’s fiscal burdens. The tax computation is based on the gross bet value of all games conducted at the casinos during the said period.
This taxation model has spurred disputes, with the industry lobbying for a review and alteration of the tax imposition to be calculated on gross gaming revenue instead of gross bet values. The company, facing a depreciated share value of about 29% since the government proposed the new GST in July, expressed its intent to pursue legal pathways to counter such tax demand and associated legal actions.
Global investors and gaming corporations have beseeched Prime Minister Narendra Modi to re-evaluate the 28% gaming tax, alleging detrimental consequences on the prospective investments amounting to about $4 billion in the sector. Despite these appeals, the government remains steadfast, with the revenue secretary affirming no necessity for tax revisions.
Delta Corp’s shares experienced a sharp decline, plunging by 20%, and the company and its two units encountered additional tax deficiencies amounting to INR 56.83 billion for the period between July 2017 and March 2022. The stock endured its most significant intraday percentage drop since July 12, and the company’s woes are underscored by the fact that the dues are surmounting the market capitalisation of the company.
The introduction of the 28% GST has sent shockwaves across the gaming sector. Companies like Mobile Premier League have voiced their struggle against the heightened tax, necessitating the layoff of 350 employees to sustain operations. The industry, grappling with these elevated levies, has found it challenging to maintain a conducive environment for flourishing, resulting in operational cutbacks and recalibrations to survive the tax implications.
Delta Corp, behind some of the leading online casinos in India, has found itself ensnared in escalating financial and legal turmoil due to the recently instituted 28% GST on gaming revenues, reflective of the broader strains experienced by the Indian gambling industry. The implications of such elevated tax structures are manifold, affecting investments, operations, and the overall vibrancy of the gaming sector in India.
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