Page 2 - Online Gamers

FIFS asks govt to not impose GST on online gaming with retrospective effect

The Federation of Indian Fantasy Sports (FIFS) on Wednesday urged the government not to impose a 28 per cent GST on online gaming with retrospective effect, as it is discouraging investors to put in their money into this booming industry. The GST Council in its meeting in August held that online gaming would attract 28 per cent GST on the face value of bets at entry level. Pursuant to the decision, the GST authorities have sent notices to several online gaming companies for recovery of taxes. Speaking at the 'TIOL Tax Congresss 2023', Federation of Indian Fantasy Sports (FIFS) director general Joy Bhattarcharjee said the issue of GST rate is more or less settled and the only issue that the industry have is retrospective provision of the law because it is discouraging investors to put in their money into this booming industry," he said. "However, retrospectivity of GST provisions is a very difficult blow for us. "Having 'contingent liability' will spook away the investors whom we ne

Overseas gamers too will have to pay 28% GST on domestic e-gaming platforms

Domestic online gaming companies will be required to deduct 28 per cent GST on bets placed from overseas locations, including by foreign players, as such bets will also be treated as actionable claims. The amendment to this effect has been approved by Parliament in the Integrated GST (IGST) Act on Friday. The GST Council had last week cleared changes in Central GST (IGST) and IGST laws to levy 28 per cent tax on full face value of bets in online gaming, casinos, and horse race clubs. The amendment in IGST Act gives powers to the Government to notify such goods, so that in case of import of such goods IGST can be levied and collected as regular inter-State supply under provisions of IGST Act. Tax experts said this amendment is aimed at plugging the loophole with regard to the collection of IGST from bets coming from overseas locations. Currently, in case of import of intangible goods such as actionable claims involved in or by way of online money gaming, which do not physically cro

28% GST on online gaming, casinos, horse racing: What it means for players

The GST Council has stuck to its earlier decision to impose a 28% levy on the full face value of bets placed on online gaming, casinos and horse racing, but kept the door open for a review

Back in action: Krafton's BGMI hits 40 million downloads in 6 weeks

Last July, BGMI was also banned after it had reached over 100 million downloads a year after its launch

IAMAI urges GST Council to tax gaming platform fee, not full face value

The Internet and Mobile Association of India claimed that the new GST rules are not aligned with best global practices and may place Indian gaming companies at a disadvantage

MotoGP ticket prices in India revealed, ranges from Rs 800 to Rs 1.5 lakh

The cheapest ticket for the inaugural MotoGP race in India will cost as less as Rs 800 while the most expensive will be priced around Rs 1.5 lakh. The Indian promoters of the premier two-wheel racing competition, Fairstreet Sports, will start the tickets sales soon for the event to held at the Buddh International Circuit in Greater Noida from September 22-24. "The fans can choose between single-day tickets and tickets for the whole weekend (three days). The cheapest will be around Rs 800 which is great value for an event of this global stature and the most expensive will be around Rs 1.5 lakh. Overall, there will be six categories. We want to cater to people from all walks of life," a source told PTI. It will be the biggest motorsport event to take place in India since the Formula 1 Indian Grand Prix. Ahead of the inaugural Formula 1 race in India in 2011, the cheapest tickets were priced at Rs 1500, which was also considered a good value for money at that time. "If one compares th

Online gaming emerging as a viable source of income in India, shows study

83% of respondents consider gaming as either a primary or secondary source of income, according to the study

Sony unveils Project Q; next-gen portable gaming device, full details here

Sony reveals its upcoming portable gaming device on May 24. The device will have an 8-inch high-definition screen offering 1080p resolution at 60 FPS.

Battlegrounds Mobile India available to play with new BGMI 2.5 updates

The BGMI game is live now with the new BGMI 2.5 update. The major changes include the Tropical Thrills of Nusa, check below to know more such updates.

Krafton's BGMI set to return for Indian gamers, here's the latest update

Krafton's BGMI will return to India after a 10-month ban. The game might be released in the last week of May or the first week of June.

Tax tussle: Govt not in favour of banning foreign gaming platforms

MeitY feels these are not a security threat

Museum Expo 2023: Video game and a virtual peek inside new address

Officials from the culture ministry and the national museum declined to give a date of the shift. At present, the National Museum has around 2.1 lakh exhibits

Online gaming sector hails govt's move to make IT ministry as nodal agency

The Federation of Indian Fantasy Sports hailed the Union government's move to appoint the Ministry of Electronics and Information Technology (MeitY) as the nodal point for regulations in the online gaming sector. In its meeting here on Friday, the FIFS, formed in 2017 to create a thriving ecosystem for users and operators of fantasy sports, said it will help the sector, which contributes extensively to the country's economy. The meet was attended by Goa transport minister Mauvin Godinho, FIFS chairman Bimal Julka, director general Joy Bhattacharjya, and heads of several online gaming firms. Addressing the meet, Godinho said Goa was keen on attracting investments from the online gaming sector as the state is the best place for innovation. The meet deliberated on regulations for the online gaming industry in the Union Budget, the future of the Animation-Visual Effects-Gaming-Comics (AVGC) sector, and the appointment of MeitY as the nodal ministry for skill-based online games, an FIFS

Microsoft-Activision deal: What's on the cards for gamers in India?

Despite global brouhaha over Microsoft's dominance, the merger may benefit gamers here

CES 2023: Sony unveils PS5 accessibility controller kit for disabled gamers

Sony has unveiled a customisable accessibility controller kit for PlayStation 5 (PS5) at Consumer Electronics Show (CES) 2023

State governments to oversee law for online games in their jurisdictions

The states will also be asked to appoint grievance redressal executives and nodal contract executives

Indian gaming industry needs stable regulatory environment: Sameer Barde

The industry's worry is the "knee-jerk reaction" of states in regulating the industry, Barde said

Online games with monetary bets likely to have a 'child lock' mechanism

MeitY could also call for formation of a self-regulatory organisation; policy release likely in 2-3 weeks

Tax panel may not reach consensus on taxing online gaming: Report

A panel of Indian state finance ministers has yet to submit its report on taxation of the booming online gaming sector that is crucial to a final decision on how the levies should be imposed

Indian gamers keen in turning professional, see career growth: Report

Jobs seen as influencers, software developers, animators as industry grows in country