The Indian casino gaming industry has its hopes pinned on this new year. Both 2020 and 2021 were years of significant growth for the industry, not only on a technological level but also in popularity. Still, no clear laws allow people to place their bets confidently, as these are pre-internet statutes created only for physical venues.
Nevertheless, in the middle of last year, the Government organized a panel of state ministers intending to examine online and casino gaming services for Goods and Services Tax (GST) purposes. This news has given much to talk about, as experts consider it could be the first step towards the much-desired regularization of the betting sector.
The evaluation of new casinos in terms of their worth for GST
Soon will be published the results of the evaluation made by a panel of seven members, a commission created by the Indian Government whose members are: Arunachal Pradesh Deputy Director Chowna Mein; West Bengal Finance Minister Amit Mitra; he Goa Minister of Transport, Mauvin Godinho; Maharashtra Deputy Director Ajit Pawar; Karnataka Interior Minister Basavaraj Bommai; and Tamil Nadu Finance Minister P Thiagarajan.
After almost six months of waiting for their conclusion, the gaming sector will have a better idea about the legal condition for online gaming for the upcoming days.
With the steady growth rate that online casinos have had already for two years, it is estimated that by 2025 the industry will be one of the main focuses of the local economy. As addressed by mid-day.com, when this panel was created, the online casinos represented 18% of GST, which indicates how critical the analysis is this panel is making.
In this regard, the betting industry has been living under uncertainty for many years. Despite repeated requests for regularization, their future has remained uncertain. For this reason, the GST assessment of casino services fills the casino industry in India with hope.
It is important to note that online casinos have been present in the market without being regulated for a little over twenty years. It is time for the situation to be regularized since it will bring benefits to the economy and the population.
More and more new online casinos arouse players’ curiosity, and not all of them operate legally. Therefore, when the state takes control of the situation, the population will be better informed and only become a member of legal casinos, avoiding scams and enjoying a safe and reliable gaming experience.
In any event, the full legalization of the gaming industry in India will take time, and here we are talking about a couple of years if the process is fast enough to take advantage of the benefits that the industry could bring to the Government. But what matters at this point of the process is when it will begin, so the countdown to a safer gaming environment can start, along with a better gaming experience.