India's GST Council Imposes 28% Tax on Online Gaming Industry
India plans to impose a 28% tax on online gaming, casinos, and horse racing, closing a loophole that allowed fantasy sports companies to justify their offerings as skill-based. The move has been criticized by the gaming industry, with trade bodies calling it unconstitutional and catastrophic. Online gaming is a fast-growing industry in India, with fantasy sports startups raising billions. The Indian IT Ministry has also directed gaming firms to form self-regulatory bodies to determine which games are permitted in the country.