Online-Gaming

TCS's importance in online gaming reveals 5 crucial rules set to go live on October 1st

Several new restrictions will go into force on October 1. These laws will have an impact on people's daily lives, ranging from changes to the usage of birth certificates to the implementation of the new TCS (tax collected at source) norm. As a result, it is critical to be aware of these new requirements. Here are the five new rules that will go into force on October 1:

  • Act to Amend the Registration of Births and Deaths:

This law will go into effect nationwide on October 1. It will allow the use of a birth certificate as a single document for a variety of purposes such as admission to a school, issue of a driver's license, voter registration, Aadhaar number, marriage registration, or appointment to a government position. It will contribute to the creation of a national and state-level record of registered births and deaths, ensuring efficient and transparent governmental services and social benefits through digital registration in the long run. According to the government, the act would also help to avoid the need for various documents to confirm the date and place of birth. It will also make it easier to register an adopted, orphaned, abandoned, surrendered, surrogate child, or child to a single parent or unwed mother.

  • New TCS Rule of 20%:

The new tax collection at source (TCS) rates will go into effect on October 1. These changes are critical for anyone contemplating international travel, investing in foreign equities, mutual funds, or cryptocurrencies, or studying abroad. TCS will be applied if a person spends more than a specific amount in a fiscal year. According to the Finance Ministry, travelers who use international credit cards during their overseas vacations will not be eligible for TCS. The Reserve Bank of India's (RBI) Liberalised Remittance Scheme (LRS) allows individuals to send money overseas up to $250,000 per year. However, beginning October 1, any remittance over 7 lakh for purposes other than medical and education would be subject to a 20% TCS.

  • Online Gaming is Subject to a 28% Tax:

Finance Minister Nirmala Sitharaman declared in August that a 28% tax on internet gambling would go into force on October 1. The supply of online gaming and casinos shall be valued for GST purposes based on the amount paid or deposited with the supplier, omitting the winning amount in the bet. The finance minister explained the tax by assuming a $1,000 bet is placed and the player wins $300. Then, if the player lays another bet of $1,300, GST will not be imposed on the winnings.

  • From October 1, there will be no automated IGST refunds on pan masala or tobacco:

According to the Finance Ministry, automated refunds of Integrated GST (IGST) on the export of pan masala, tobacco, and similar other commodities will be banned beginning October 1 in order to reduce tax fraud. Exporters of such commodities will have to seek jurisdictional tax officers for approval of their refund applications. Only on JioSaavn.com can you listen to the most recent tunes. Pan masala, unmanufactured tobacco, hookah, gutkha, smoking mixes for pipes and cigarettes, and other goods, including mentha oil, have become subject to automated IGST refund restrictions. Such commodities are subject to 28% IGST plus a cess.

  • The Bharat NCAP Regulations Will Be Implemented Next Month:

The Bharat New Car Assessment Programme (BNCAP), India's first car crash testing program, will begin on October 1, 2023. According to the government, car manufacturers can voluntarily get their vehicles evaluated in accordance with the Automotive Industry Standard (AIS) 197 through this initiative. Based on their success in the testing, vehicles will receive star ratings for Adult Occupants (AOP) and Child Occupants (COP). This will assist in determining how much damage an automobile may sustain in the event of an accident. Customers can use these star ratings to help them determine which car to buy.