GST on online gaming – Industry’s compliance a big win for the GST Council

The online gaming industry in India has experienced significant growth in recent years. Propelled by factors such as widespread smartphone penetration, enhanced internet connectivity, a young tech savvy population, and heightened awareness, India is the second-largest market for online gaming globally, in terms of user base. The online gaming industry has had growth in the country, recording a compound annual growth rate (CAGR) of 28% over the last three years to reach Rs 16,428 crore in FY23 as per a EY report, titled ‘New frontiers – Navigating the evolving landscape for online gaming in India.’