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ARTICLE · 16 FEBRUARY 2023

New TDS Norms On E-Gaming Bounty- Budget

S.S. Rana & Co.
S.S. Rana & Co.
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S.S. Rana & Co.

S.S. Rana & Co.

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E-gaming in India has experienced a phase of meteoric growth in recent years fueled by a young and tech-savvy population, advent of skill based games and last but not the least easy access to high-speed data...

IndiaMedia, Telecoms, IT, Entertainment

E-Gaming or Online Gaming Market in India

E-gaming in India has experienced a phase of meteoric growth in recent years fueled by a young and tech-savvy population, advent of skill based games and last but not the least easy access to high-speed data through the length and breadth of India.

In a country of cricket lovers, coming of cricket based fantasy sports games gave a fillip to the already burgeoning phenomenon of online gaming. As per FICCI1, the market valuation of the fantasy sports genre of online gaming is slated to reach an astounding $3.4 billion by 2024.

Budget Announcements

With an intention to regularize and streamline the revenue generated from this growing industry the Union Minister of Finance Mrs. Nirmala Smitherman in her 5th consecutive annual Budget speech2 for the fiscal year starting in April 2023 provided a much needed clarity relating to taxability of winnings from online gaming.

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