Page 4 - Gaming Industry India

GST evasion of Rs 23,000 cr by gaming firms being investigated: MoS to LS

GST evasion of about Rs 23,000 crore by gaming companies between April 2019 and November 2022 is being investigated by the tax officers, Minister of State for Finance Pankaj Chaudhary said on Monday. In a written reply to a question in the Lok Sabha, the minister said the Enforcement Directorate has attached proceeds of crime of more than Rs 1,000 crore in several cases related to Cyber and Crypto assets frauds wherein online gaming etc have been used for siphoning the proceeds. About evasion of Goods and Services Tax (GST), Chaudhary said Central Board of Indirect Taxes and Customs (CBIC) formations have initiated investigations against some gaming companies (including online gaming firms) located in India as well as abroad. "The estimated evasion of GST by these companies works out of Rs 22,936 crore, relating to the period April 2019 to Nov. 2022," he said. Besides, the Directorate of Enforcement is investigating several cases related to Cyber and Crypto assets frauds wherein ..

Preventive algorithms can be win-win for online gaming in India: Experts

Going by the industry estimates, India's gaming industry at its present pace will touch the dollar 25-billion-mark, way ahead of 2030

How is game of skill different from game of chance?

A debate around the game of skill, where people with experience have a better chance of winning and making money than the rookies and game of chance has been raging for a while now. Here's more

Indian gaming to add 100,000 jobs in FY23, grow five-fold in 7 years: Study

Industry expected to attract Rs 780 crore in foreign investment, says TeamLease Digital report

Explained: What is ray tracing, how it works, and future of mobile games

Ray tracing uses lighting techniques to bring more realism in video games. By using algorithms, this technology traces and imitates the path of light that it would take in real world

Indian gaming worth $2.6 bn in FY22, will grow four-fold by 2027: Report

Country has 507 million gamers and more than 900 companies in the sector

Define game of chance, game of skill to decide on taxation: GST law panel

The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations

Gaming industry needs regulation, not ban: CEO, E-Gaming Federation

At least 600 million people will be playing online games by 2030, says Sameer Barde

No cheat-code for online gaming industry as ministry, I-T turn up the heat

The income tax (I-T) department recently issued show-cause notices to seven online game companies, as part of an investigation into possible tax evasion by such institutions.

AIGF urges TN to reconsider online gaming ban, says move 'unconstitutional'

The Federation also believes that the ban can have an adverse effect on the state and will push more and more people towards illegal offshore websites

Gaming body welcomes govt's diktat on online betting advertisements

The ministry said it had issued a similar advisory on June 13, asking newspapers, private TV channels, and digital news publishers to refrain from publishing ads of online betting platforms

WinZo sues Google for allowing limited categories of real-money games

Challenges inclusion of only DFS and Rummy on Google Play Store, calls the policy an unfair trade practice

Playing on the 5G success: India's gaming sector set to get a boost

India's gaming user base saw massive growth during the pandemic, but network issues and performance have frustrated many enthusiasts

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)

Top Headlines: Unrealistic deadlines for EVs, Mistry's demise, and more

Cyrus Mistry, former chairman of Tata Sons and scion of the Shapoorji Pallonji group, died in a car accident near Mumbai on Sunday.

CBDT asks the winners of online games to pay taxes, file updated ITR

The winners of online games will have to pay taxes at the rate of 30 per cent without any rebates or 25-30 per cent on taxes and the interest due

5G innovations to catapult Indian gaming industry to new level: Experts

5G innovations are set to take gaming to a whole new level in India which currently has more than 420 million active online gamers and a 500-million-strong digitally-native, young population.

Gaming industry seeks govt intervention against tech giants' unfair policy

The skill-gaming industry has sought the intervention of the government to rein in the arbitrary policies of the monopoly global tech-giants

Blanket 28% GST could hit online gaming badly in India, says industry

The country's gaming industry is currently estimated at $1.5 billion

Stiff regulations, high taxes: Govt controls electronic sports joystick

India is a fast-growing high-potential gaming market, but per capita spends still very low