Post budget quote: Gaming and Tech sector

“I am pleased that the Hon'ble Finance Minister announced India's first Amrit Kaal Budget inspired by 'Saptarishi' or the seven great sages. The government plans to set up 3 Centers of Excellence for Artificial Intelligence (AI)’ in top educational institutions for realizing the vision of Make AI in India, for India. Moreover, 100 labs for developing applications using 5G services will be setup in engineering institutions is a very promising announcement for the tech start up space in general and gaming in particular.

The Honorable Finance Minister deserves full credit for announcing a progressive budget. The government proposed removing the TDS threshold of INR 10,000 for online gaming startups. Also, online gaming startups should provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.

We look forward to the taxation rate for the gaming sector as it is yet to decide. For now, an 18% tax is being levied on the commission collected by online gaming platforms for games not involving betting or gambling, whereas it is zero for the contest entry fees. However, with the government's support and the right policies, the gaming industry could become the driving force of the economy in India and help create jobs for millions of people."

More about Apurv Modi

Apurv Modi is a successful young entrepreneur who has developed a path in Media, Broadcasting, Content that is in the mobility and techno mobile sector in India and International Market. 

As a young entrepreneur, Apurv is passionate about Innovation in content, Creativity in production and development in Virtual Event, Games, Gamification, Enterprise Gamification, Healthcare tech  Mobile TV, IPTV, OTT, Smart TV that can help people to increase the era of Entertainment improve lives of people across worldwide Market.