India plans to impose a significant tax on the fund that online gaming firms collect from consumers in a major blow to the fast-growing industry that was quick to label the move as “catastrophic” and “unconstitutional.”
The Goods and Services Tax Council, which comprises top federal and state finance ministers, said it had agreed to levy a 28% indirect tax on online gaming, casinos and horse racing. The council said there should be no distinction between “game of skill” and “game of chance,” closing a loophole that has allowed fantasy sports companies to justify their offerings as skill-based.
Online gaming is one of the fastest growing consumer inte …
