Hyderabad: The Department of Tax Intelligence (DGGI) has strengthened enforcement actions against offshore online gaming entities. The online currency game industry includes domestic and foreign operators.
Under GST law, “online currency games” is a viable claim, classified as a supply of “commodities” and a tax of 28%. According to the Ministry of Finance, entities operating in the department must be registered under the GST.
There are about 700 offshore entities involved in online currency gaming, gambling, and gambling under the scanner of DGGI. It has been noted that these entities evade GST by not registering, hiding taxable payments and bypassing tax obligations.
So far, according to the 2000 Act Act Act Act Act Act, DGGI coordinated with the Ministry of Electronics and Information Technology (MEITY), DGGI coordinated with 357 websites, illegal and unqualified online currency gaming entities (MEITY).
In recent actions against certain illegal gaming platforms, DGGI targeted and blocked bank accounts that were used to collect funds from participants, coordinated with I4C and the National Payment Corporation of India (NPCI), which attached nearly Rs 2,000 and Rs 4 crore.
In another operation, the 392 bank accounts related to UPI ID found on certain websites of these offshore entities have been frozen by the debit side, with a total of Rs 122.05 crore, which are temporarily attached to these accounts.
DGGI’s actions against some Indian nationals running from online currency gaming platforms outside India were carried out by DGGI. It shows that these people promote online currency games for Indian customers through various such online platforms, including Satguru online currency gaming platform, Mahakaal online currency gaming platform and ABHI247 online currency gaming platform, and collect currency from Indian customers using Mule bank accounts.
So far, DGGI has blocked 166 m sub-accounts associated with these platforms. Three such people have been arrested so far, and an investigation into more such people is underway. Non-compliance of foreign entities can distort fair competition, harm local businesses and lean towards the market.
These unethical foreign entities circumvent restrictions by creating new URLs. The survey also shows that these companies operate through “M” bank accounts to process transactions. Funds collected through M sub-accounts put the potential to fall into illegal activities, which can also be dangerous from a national security perspective.
It was observed that many Bollywood celebrities and cricketers, as well as YouTube, WhatsApp and Instagram influencers, have recognized these platforms, and therefore it is recommended that the public be cautious and not interact with the maritime online currency gaming platform, as it may endanger their personal financial finances and indirectly support the financial integration and national security and national security within their financial scope.
DGGI remains committed to proactively responding to the threat of illegal maritime gaming entities. In the upcoming IPL season, law enforcement actions will more strictly curb illegal gaming operations. Staying informed and choosing a regulated platform is essential for responsible gaming.
