When you withdraw money from your account or at the end of the financial year, taxes need to be taken out. Starting from April 1, 2022, there is a 30% tax on income from the sale of cryptocurrencies or virtual digital assets.

The Union Cabinet has given the green light to modify GST laws, imposing a 28% tax on the total face value of bets made in online gaming, casinos, and horse race clubs.

We are in the starting phase of establishing a viable and permissible online gaming framework. Once this framework is developed, we will approach the GST Council and seek their reconsideration based on the new regulatory guidelines.

The Council's first gathering since February got off to a rocky start. The recent move by the Union government to include the GST Network in the scope of the Prevention of Money Laundering Act (PMLA), which is overseen by the Enforcement Directorate (ED), was challenged by representatives of States not governed by the BJP.

There are commentaries stating that the upcoming GST Council may view imposing a 28% Goods and Services Tax (GST) on the net amount in place of 18% on gross gaming revenue.