Level Up: Online Gaming’s Tax-Defying Success Story Revealed

A study done by the Electronic Gaming Foundation, along with help from the Indian Statistical Institute (ISI), found that even though the online skill gaming industry in India has a high tax rate, the players are hopeful about its future. Skill gaming is a type of game where your skill matters more than luck.

The study, called ‘Unveiling the Potential and Scope of the Online Skill Gaming Industry,’ was done when this industry was facing high taxes, like those on harmful goods, at 28%. This tax made people doubt if smaller businesses in this field could survive.

The research, guided by two ISI professors, Diganta Mukherjee and Subhamoy Maitra, asked 4,644 engineering students and professionals in five states (Andhra Pradesh, Telangana, Kerala, Karnataka, and Tamil Nadu) about their thoughts, dreams, and choices related to online skill gaming. The study discovered that most of the people surveyed think India can become a leader in the global gaming industry. They are interested in getting education and jobs in the online skill gaming industry. They also understand the importance of new technologies like AI (artificial intelligence), ML (machine learning), and VR (virtual reality) in gaming.

The study also found that highly skilled engineers find the online skill gaming industry appealing because it gives them chances to be creative, improve their skills, and make games more fun. “The gaming market in India is expected to grow from $2.8 billion in 2022 to $5 billion by 2025, which is a big increase,” the study said.

Between 2017 and 2020, the gaming industry grew really fast, at a rate of 38% each year. The study suggests that the online skill gaming industry needs a good environment for innovation, skill building, and supporting people who want to start their own gaming businesses in India. The research also asks the government and the gaming industry to work together to make sure that online skill gaming is safe and has benefits for everyone.

Image Source: https://yourstory.com/2022/09/online-gaming-companies-hit-tax-evasion-bill-28000-crore

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