Page 15 - Gaming Industry

Potential withdrawal of GST notices hangs on Gameskraft case outcome

About 70 to 80 online gaming firms, including notable ones like Dream 11 and Play Games 24x7

Will seek withdrawal of tax notices to online gaming companies: Atishi

Delhi Finance Minister Atishi on Saturday said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day. She said the sector employed over 50,000 youths and attracted Rs 17,000 crore foreign investments, therefore it is important to withdraw the notices to protect the industry. An "unstable, erratic tax environment" will deter foreign investors in the online gaming industry and impact the overall start-up ecosystem in the country, she said. GST Council decisions in the past including the 28 percent tax on online gaming industry adversely impacted the industry, she said. The GST Council, chaired by Union finance minister and comprising state ministers, will meet here on Saturday. In the previous meeting on August 2, the council had approved amendments to the Goods and Services Tax (GST) laws to provide clarity on the taxation of casinos, horse racing and online gaming.

Gaming corners second largest slice of media pie, says Omdia research

The segment made $246 bn globally in 2022, behind online video's $306 bn, says research by Omdia

WinZO forays into Brazil gaming market amid 28% GST hike, to invest $25 mn

The decision to venture into the Brazilian market stems from a strategic initiative to diversify and confront challenges introduced in India for all firms by the 400 per cent surge in GST

Gaming industry sees tax liability increasing by 1,400% on DGCI calculation

An official said that companies have pleaded that the GST demand raised is 3-4 times their revenues and that they will not be able to survive this

As new 28% GST on online gaming takes off, gamers brace for impact

Rishi Raj, a Gurgaon-based avid player of online poker, believes that the government has been successful where most of his family failed - getting him to quit the real money game

Gaming cos to collect 28% on full bet value, foreign firms to have GST no

From October 1, online gaming companies will charge 28 per cent GST on full value of bets, while offshore platforms too would be required to have GST registration to operate in India. The finance ministry late on Friday notified October 1 as the appointed date for the amended provisions in Central GST and Integrated GST laws to come into effect. E-gaming companies, however, flagged that since many states are yet to pass amendments in their respective State GST (SGST) laws, this notification by the union government in CGST and IGST laws will create confusion. According to the changes to the Central GST Act, online gaming, casinos and horse racing will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets. The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay 28 per cent tax in accordance

IT ministry puts plan to form self-regulatory body for gaming on hold

BS had reported that if the ministry finds that big players are backing SRBs and that the bodies lack independence, certification of games will be considered instead of self-regulation

Tax demand on online gaming companies likely to top Rs 1.5 trillion

Dream11 and other companies seek legal recourse after DGGI slaps GST notice

DGGI serves Rs 55k crore tax notices to gaming firms, biggest to Dream11

The pre-show cause notices are being issued after the GST rates for real money games increased to 28 per cent on the total bet placed at the entry-level

Capcom sees game sales in India passing those in China in a decade

"The market in India will grow exponentially in 5 to 10 years, as college students who enjoy games grow older and the economy develops," Tsujimoto said

Social gaming platform Eloelo raises $22 million in Pre-Series B round

The funds from this round will be utilised to forge partnerships with creators, develop innovative tools across AI and AR (augmented reality)

Players optimistic about online gaming's potential despite high tax: Report

A study by the Electronic Gaming Foundation in consultancy with the Indian Statistical Institute (ISI) has found that, despite a high tax rate, the players are optimistic about the potential of the online skill gaming industry in India. Skill gaming is a game in which the outcome is impacted by the player's skill and not chance or luck. The study, titled "Unveiling the Potential and Scope of the Online Skill Gaming Industry", comes at a time when the sector is facing taxation similar to sin goods at 28 per cent, which has called into question the survival of many entities, mainly the smaller ones. The survey, advised by two ISI professors, Diganta Mukherjee and Subhamoy Maitra, surveyed 4,644 engineering students and professionals across five states - Andhra Pradesh, Telangana, Kerala, Karnataka, and Tamil Nadu - to explore their perceptions, aspirations, and preferences regarding the online skill gaming sector. The study found that the majority of respondents are optimistic about

GST on online games remains vexed issue despite Council blunting its impact

The gaming industry opposes 28 per cent tax on fresh bets even prospectively as it will increase the burden by 400 per cent, which is neither fair nor sustainable

84% tech practitioners believe India can lead global gaming industry: Study

A survey by the Indian Statistical Institute, Kolkata found an increasing interest from students to pursue a career in the gaming industry, underscoring the potential in India's gaming sector

Qualcomm announces Snapdragon G-series chips for handheld gaming devices

The series encompass G1, G2 and G3, and a Snapdragon G3x Gen 2 Platform as the newest enthusiast-class processor

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