TDS Policy

As per the Union Budget 2023, the Government of India passed a Finance Bill that contains new tax laws for Online gaming from the financial year 2023-24. As per the laws in the bill, it is mandatory for online gaming to deduct Tax at source whenever a player makes a withdrawal and also at the end of the financial year. TDS will be levied at 30% of all the ‘Net Winnings’ of the player.

1. What is TDS?

   TDS is Tax Deducted at Source. Whenever a player takes withdrawal, a 30% tax is deducted only from the ‘Net winnings’ of the player.

   As per the income tax regulations, individuals or organisations who are obligated to make payments of a specified nature to another party are required to deduct tax at source and remit the corresponding amount to the Central Government. Subsequently, a TDS certificate is issued by the entity responsible for deducting the tax at source.

2. What are Net Winnings?

   Net Winnings refer to the difference between the overall amount of money a player has withdrawn and the deposits they have made. Thus,

   Net Winnings = Total Withdrawals – Total Deposits

   Total Deposits are calculated as all deposits done in the current financial year plus the opening balance of the financial year. Whereas, Total Withdrawals are calculated as all the withdrawals done in the current financial year. Any net winnings which have already suffered TDS at the time of any previous withdrawals would also be subtracted while calculating the Net winnings at the time of the next withdrawal.

   Let us take an example: A player deposits Rs. 10,000 in the RummyVerse wallet on 10 May 2023. His opening balance on 1 April 2023 was Rs. 5,000. He plays cash games and he wins Rs. 30,000 overall which gets deposited in his Withdrawal balance. From that money, he requests a withdrawal of Rs. 25,000 on 25 May 2023. In this case, his net winnings will be:

   25,000 – (10,000 + 5,000) = 10,000.

   Now on this Rs. 10,000, RummyVerse will levy a TDS of 30%. So the TDS amount will be Rs. 3,000 in this case. Now the player will get 25,000 – 3,000 = Rs. 22,000 in his Bank account.

   Note: At the start of every financial year, the Net winnings will get Reset.

3. Tax Certificate for IT Returns:

   To file the IT Returns, the players will get Tax Certificates within one month from the final date of filing TDS returns for each quarter.

4. TDS for Prizes other than Cash:

   In the event of winning non-cash prizes such as cars, bikes, gadgets, and similar items from RummyVerse, it is necessary to pay a 30% TDS (Tax Deducted at Source) to RummyVerse before receiving the prize. RummyVerse will handle the remittance of the TDS to the government on your behalf and subsequently provide you with a TDS certificate.

GST Policy

Effective from October 1st, 2023, the Government of India has amended the National GST Laws to impose a 28% GST on all deposits made on Online Money Gaming Platforms.

Enjoy An Uninterrupted Gaming Experience! RummyVerse offers 0% GST with Turbo Cash.

We are thrilled to unveil an exciting update that boosts your cash rummy gaming experience - TURBO CASH. When you deposit, the GST amount is returned to you as Turbo Cash, like a gaming bonus. It's not just about deposits, it's about turning every deposit into extra playtime and chances to win in cash games.

Let’s understand with an example:

When you deposit ₹10,000, we cover the 28% GST to the government without deducting it from your deposit amount. Instead, we refund this sum to you as Turbo Cash, allowing you to play more and increase your chances of winning. 

The refunded sum of 28% of 10,000 equals ₹2,200, which is your Turbo Cash and the remaining ₹7,800 is your RummyVerse cash.

Your wallet balance will remain ₹10,000 including ₹7,800 as RummyVerse cash and ₹2,200 as Turbo Cash. 

When you play a 2-player 101 pool and do a table buy-in, the order in which your cash is utilised is Turbo cash first and then RummyVerse cash. This means that when you do a buy-in of ₹10,000, ₹2,200 (22%) turbo cash and ₹7,800 (78%) RummyVerse cash is utilised.

(If your wallet balance is ₹10,000 and the buy-in is ₹5,000, then, ₹2,200 turbo cash and the balance ₹2,800 RummyVerse cash will be utilised.)

You win ₹17,000 (after deducting 15% Rake) in the game having a table buy-in of ₹10,000. The winnings are distributed based on the proportion of the buy-in utilised from turbo cash and RummyVerse cash. 

The winnings using Turbo cash balance will be credited to RummyVerse Cash and the winnings using RummyVerse cash will be credited to Withdrawable Cash.

• 

  TURBO CASH
  WINNINGS

• 
• 

  RUMMYVERSE CASH
  WINNINGS

• 
• 

  WITHDRAWABLE
  WINNINGS

Thus, ₹3,740 (22%) will be credited to RummyVerse cash and ₹13,260 (78%) will be credited to Withdrawable cash as per the ratio of your wager amount.

Your wallet balance after winning the game will be ₹17,000 including ₹3,740 RummyVerse Cash and ₹13,260
Withdrawable Cash.

Our new GST policy is a game-changer that puts more power in your hands! With Turbo Cash, every deposit transforms into a golden opportunity to play and win. This innovative cashback feature ensures that your gaming journey isn't hindered by taxes but rather fueled by the excitement of extended play.

Play smarter, play longer, and let Turbo Cash be your ticket to an elevated gaming experience. Game On with RummyVerse!

Terms and Conditions:

• Please note that this is a limited-time offer, which may be subject to changes in the future.

• Withdrawals without gameplay are generally not entertained. However, in some cases, if a withdrawal request is approved, the user will be charged 5% of the total amount, in addition to 28% GST on the deposited amount, to process the withdrawal.