Online Money Gaming - GST Ready Reckoner - GST

As per section 2(80B) of CGST Act, 2017 - Online money gaming Means - Online gaming in which players pay or deposit money or money's worth, including virtual digital assets, - in the expectation of winning money or money's worth, including virtual digital assets, - in any event including game, scheme, competition or any other activity or process, - whether or not its outcome or performance is based on skill, chance or both; and - whether the same is permissible or otherwise under any other law for the time being in force. 1. Online Gaming Means means offering of a game on the internet or an electronic network and includes online money gaming; [Section 2(80A) of CGST Act, 2017] 2. Virtual digital asset shall have the same meaning as assigned to it in clause 2(47A) of the Income-tax Act, 1961. [ Section 2(117A) of CGST Act, 2017 ] Section 2(47A) of Income Tax Act, 1961 Virtual digital asset means- - (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; - (b) a non-fungible token or any other token of similar nature, by whatever name called; - (c) any other digital asset, as the Central Government may, by notification in the Official Gazette specify: - Provided that the Central Government may, by notification in the Official Gazette, exclude any digital asset from the definition of virtual digital asset subject to such conditions as may be specified therein. - Explanation - For the purposes of this clause,- (a) non-fungible token means such digital asset as the Central Government may, by notification in the Official Gazette, specify; (b) the expressions currency , foreign currency and Indian currency shall have the same meanings as respectively assigned to them in clauses (h), (m) and (q) of section 2 of the Foreign Exchange Management Act, 1999 .