Page 14 - Gaming Industry

Top 10 upcoming games to look forward to in 2023, all you need to know

From action-packed shooter games to challenging technique games, as innovation advances and game developers continue to make new content, future looks exhilarating

Singapore-based startup Ampverse to set up gaming studio in India

Singapore-based gaming startup Ampverse plans to set up a gaming studio in India and scale up its local team, a senior company official said. Ampverse Co-founder and Chief Strategy Officer Charlie Baillie told PTI that the company will operate through a joint venture formed with DMI Finance. "Content is a big part of our business. We will be investing in the studio and other capabilities as the month goes by. It will be set-up before the end of season 1 (of College Rivals esports tournament) which is in February. College Rival is the first IP. Beyond that we are looking at original content IPs and other esports format IPs while we will continue to grow College Rival," Baillie said. He was speaking on the sidelines of the launch of esports tournament College Rivals. "We expect over 80,000 students to participate in season 1 of College Rival. The platform will also work as a talent search platform. It will help us screen the best gamers," Baillie said. Ampverse DMI will have a gamin

Online money egaming firms face tax outgo of Rs 45,000 crore

On July 11, the GST council stated that no distinction would be made between games of chance and games of skill and that 28 per cent would be imposed on the full face value of bets

Hike lays off around 55 people after GST surge in online gaming: CEO

Kavin Bharti Mittal-founded Hike, which owns Rush Gaming Universe, has laid off about 55 people - more than one-fifth of its total workforce to absorb the impact of the GST hike on online gaming, a top company official said on Thursday. The development comes within a week of gaming unicorn Mobile Premier League (MPL) laying off about half of its India team or close to 350 people to cut down cost burden due to the increase in GST to 28 per cent. "About 55 people, out of which 24 are non-full-time employees. Closer to 22 per cent. Business is in the best shape ever but this 400 per cent increase in GST is a bazooka pointed at us. We'll need to absorb some of it and as a result the reduction in workforce at Hike/Rush," Hike Founder and CEO Kavin Bharti Mittal said. The entire team of Hike is engaged in the development of Web 3 gaming platform Rush Gaming Universe'. Investors in Hike include Tencent, Foxconn, Bharti Group, Tribe Capital, Polygon, Flipkart co-founder Binny Bansal, seri

28% GST on online gaming: How will new tax work for players and companies

GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase

Centre expects over Rs 19K cr additional revenue from e-gaming, casinos

Revenue estimates based on the turnover of the gaming industry

Small firms in online money gaming will be unable to survive high GST: AIGF

Small companies that are into online real money-based gaming will not be able to survive due to the high Goods and Services Tax of 28 per cent, industry body All India Gaming Federation said on Wednesday. Finance Minister Nirmala Sitharaman has announced that a 28 per cent GST on the full face value of bets placed on online games will be implemented from October 1. "We believe the decision by the GST Council of valuation on deposits will severely impact the online gaming sector and result in a situation where a majority of players, including the MSMEs will no longer be able to survive in the face of the increased tax liability of 400 per cent," AIGF said in a statement. The industry body said that only established and well entrenched skill gaming companies may be able to scrape through this change by using their existing capital reserves to counter the effects of substantially increased tax liability. "However, even their revenues and valuations will significantly fall. Additionall

28% GST on online gaming stays, to be reviewed after 6 months of roll-out

The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, finance minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing online gaming, she said after the panel meeting. The panel had at its last meeting decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it. Sitharaman said Delhi finance minister opposed the levy of the tax on online gaming while Goa and Sikkim wanted the levy on GGR (gross gaming revenue) and not on face value. Sitharaman, however, said other states ranging from Karnataka to Gujarat,

Nazara Tech jumps 5% on strong Q1 results; stock up 20% so far in 2023

In the recently concluded quarter, Nazara's revenue from operations climbed 14 per cent YoY to Rs 254.4 crore. However, a sequential decline of 12 per cent was seen from Rs 289.32 crore in Q4FY23

AIGF appeals to FinMin against repeated taxation in online skill gaming

AIGF pointed out that while certain companies across formats that offer large tournaments may scrape through, even their revenues will be substantially affected

Top headlines: India ripe for semiconductor boom, banks' loans, and more

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Game developers ask Centre for clear distinction from real money games

Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision

Global gaming firms running 'no GST' ads to lure Indians to their platforms

The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets

Here's how AI is rewriting the rules of $200 billion games industry

From San Francisco to Tokyo and Hong Kong, the plethora of companies that power the digital entertainment sphere are responding to decades of escalating costs

As repetitive taxation fears arise, gaming firms wait for clarity

Industry executives said that repetitive taxation could lead to a 50-60 per cent indirect tax burden on gamers

Know details on European Union's regulations for handheld gaming consoles

Effective from 2027, the new regulations would be applicable on range of portable electronics devices sold in EU

May go back to GST council on online gaming regulatory framework: MoS IT

Amid the online gaming industry raising concerns over the levy of 28 per cent GST, Union minister Rajeev Chandrasekhar on Monday said the government may request the GST Council to consider the facts of new regulatory framework for the industry. The minister also mentioned that it took three years for the Council to reach a decision on online gaming. Online gaming players have expressed disappointment with the decision of the Goods and Services Tax Council to levy a 28 per cent tax on online games involving real money. The Minister of State for Electronics and IT during a CNN-News 18 Townhall programme said that the GST Council is not the government of India but it is truly a federal organisation representing state governments and the centre. "We have to also recognize that the process of creating a regulatory framework for online gaming only started in January 2023. We are only in the early stages of creating a predictable, sustainable permissible online gaming framework. So, we wi

US appeals court denies FTC bid to block Microsoft-Activision deal

Activision climbed as much as 4.4% in after-hours trading, rising to $94 from its close of $90.07. Microsoft gained 1.5%

Top headlines: Chandrayaan-3 launch, Foxconn's change of heart, and more

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No review or roll-back; GST move unanimous: Revenue Secy Sanjay Malhotra

"I don't think that the demand for these vehicles is so 'elastic' that a small tax change could impact the market drastically"