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28% GST: New Changes In Fantasy Sites From 1st October 2023

28% GST: New Changes In Fantasy Sites From 1st October 2023: From 1st October 2023, online fantasy sports platforms have significantly changed how they handle Goods and Services Tax (GST) on player deposits. The GST Council has mandated a uniform 28% GST rate on the total deposit value across online gaming. 

New Changes In 28% GST Implementation By Online Fantasy Sites

This article will explore the new changes implemented by popular online fantasy sites like Howzat, HalaPlay, PlayerzPot, Dream11, and MyTeam11.

6. Real11

When you deposit INR 100 into your Real11 account, you’ll find ₹100 ready to use in your wallet for playing fantasy sports. This amount comprises your initial deposit of ₹78, along with an extra ₹22, which serves as a GST (Goods and Services Tax) discount. Importantly, this GST discount is added to your deposit balance, further enhancing your available funds for gaming.

Real11 is responsible for settling the GST amount, which in this case is ₹22, directly with the government on your behalf. So, deposit ₹100, get ₹100 in your wallet, and leave the tax details to Real11.

5. Howzat

Howzat, a popular multi-gaming platform, offers an exclusive benefit to its users by providing a 100% cashback on the GST they pay. This means that if you deposit ₹100 into your account, you will get to keep the entire amount in your deposit balance, with Howzat bearing the GST burden. 

By offering this benefit, Howzat aims to provide a fair and rewarding gaming experience to its users while also promoting transparency in its operations.

4. HalaPlay

In HalaPlay if a user adds ₹100 to his/her account, the GST levied will amount to ₹21.875 (28% of ₹100). A sum of ₹78.125 will reflect in the user’s wallet. The tax will be applied on a ‘gross revenue’ basis, covering the entire value rather than just the platform fee.

3. PlayerzPot

When a player deposits ₹100 to play a game on PlayerzPot, 28% GST will be levied on the deposit amount. Thus, the user must complete a transaction of ₹128 (₹100 + 28% of ₹100). However, ₹100 will be credited to the user’s deposit wallet, and the remaining ₹28 will be accounted for as GST paid. 

The exact GST amount will be credited to the user’s bonus wallet. Users can easily check the details of the GST paid within the application by viewing their transactions.

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2. MyTeam11 

MyTeam11 has come up with an innovative method for GST adjustment. Rather than simply deducting the GST amount from a player’s account, the platform has decided to distribute the deducted amount as bonuses. 

These bonuses will be credited to a user’s MyTeam11 bonus account, giving them a valuable incentive to continue playing the platform. This approach ensures that users are not adversely affected by the GST deduction. 

1. Dream11

When you add ₹100 to your Dream11 account, your deposit amount will be ₹78.12. The GST on this amount is ₹21.88, 28% of ₹78.12. However, Dream11 provides an additional benefit by offering Discount Points worth 28% of your deposit amount, which equals ₹21.88. 

You will receive the entire deposit amount as Deposit Amount and Discount Points. Dream11’s unique system ensures you get the most value for your money, making it a great platform for those who enjoy fantasy sports.

The new GST regulations implemented by the Central government aims to streamline the taxation process and create a uniform tax rate of 28% on the total deposit value. 

These changes ensure transparency and fairness for players, and some platforms like Dream11 even offer 100% cashback to ease the GST burden on players. Fantasy sports players need to understand these modifications and how they affect transactions on their favourite online fantasy sites.

For more fantasy sports news and poker promotions, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter, and Telegram.

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