Page 15 - Online Games

China OKs 105 online games in gesture of support after curbs trigger losses

China's press and publications authority has approved 105 new online games, saying it fully supports the industry after proposed curbs caused massive losses last week for investors in major games makers. The National Press and Publication Administration issued a statement on its WeChat social media account Monday saying the approvals by the Game Working Committee of China Music and Digital Association were positive signals that support the prosperity and healthy development of the online game industry. Tencent's Counter War: Future and NetEase's Firefly Assault were among games approved. Draft guidelines for curbs on online gaming had caused share prices of video game makers like Tencent and Netease to plunge on Friday, causing losses of tens of billions of dollars and dragging Chinese benchmarks lower. The administration's guidelines said online games would be banned from offering incentives for daily log-ins or purchases. Other restrictions include limiting how much users can ...

Tencent leads $80 billion rout as China gaming curbs revive crackdown fears

The top gaming regulator on Friday published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online

IT rules ensure safeguards for children against online gaming harms: Meity

Meity's reply stated that an Inter-Ministerial Task Force for Online Gaming Regulation (IMTF) was constituted by the Respondent/MeitY in May 2022

Cashing in on a new addiction: mobile games

Creating an engaging game is difficult. But more difficult is to get consumer to download the app & engage with it. In this re­gard, the gaming firms in India have done the impossible in short period

Actor Ranbir Kapoor summoned by ED in Mahadev online betting app case

Several Bollywood actors are also under the Enforcement Directorate's scanner for their involvement in the Mahadev online betting case

Govt may shelve self-regulation plan if egames majors dominate SRBs

SRBs must have experts in education, psychology, and child rights, according to government

Google Play to allow real money games certified by SRBs as per IT rules

As per a console page of Google Play, it currently allows only valid licensed or authorised gambling apps in categories like online casino games, sports betting, horse racing

How tech and affordable internet helped make India a chess powerhouse

From watching a game on a smartphone to playing a favourite chess opening using a database, modern tech and affordable internet have helped India produce one chess prodigy after another

MPL to lay off 350 employees after 28% GST imposed on online gaming

The new taxation rule increases the tax burden on MPL by as much as 350-400 per cent, Srinivas wrote in the email on Tuesday

28% GST on online gaming may not impact taxation on e-sports, video games

Rules in the works for demarcation between the two forms of online gaming

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

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

28% GST to lead to write-off of $2.5 bn investment in e-gaming: Investors

The GST Council's decision to levy a 28 per cent tax on real money online gaming industry will lead to an impairment of USD 2.5 billion of investment made in the segment, a group of 30 Indian and foreign Investors said in a joint letter to Prime Minister Narendra Modi. In a letter dated July 21, leading Investors Including Peak XV Capital, Tiger Global, DST Global, Bennett, Coleman & Company Limited, Alpha Wave Global, Chrys Capital, Lumikai etc have sought the Prime Minister's intervention in the decision of GST Council which is expected to hit prospective investment to the tune of USD 4 billion in the next 3-4 years. "The current GST proposal will set up the most onerous tax regime for the gaming sector globally, which will lead to a potential write-off of the USD 2.5 billion capital invested in this sector," the letter said. Investors said the GST Council's decision has caused shock and dismay and will substantially and meaningfully erode investor confidence in the backing of ..

28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary

The exchequer would get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming, said Revenue Secretary Sanjay Malhotra on Thursday. The GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc, he said adding that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands. He said the online gaming industry is currently paying only 2-3 per cent GST which is even less than 5 per cent tax applicable on food items consumed by a common man. "One of the members, in fact, in the GST Council pointed out that the way the online gaming companies are paying the taxes on online games at 18 per cent of GGR, which works out to only about 2-3 per cent, even lower than the tax rate of 5 per cent levied on many of the food products consumed by the very common people," Malhotra told PTI in an interview. The

Gaming Disorder: PUBG-like game addiction makes 15-year-old scream in sleep

Video game addiction landed a 15-year-old boy at a disability institution for counselling and treatment. Know more about Internet Gaming Disorders (ISD), its symptoms and prevention

Bears grip Delta Corp on highest ever volume, Nazara must hold 200-DMA

Delta Corp needs to cross the 200-DMA to regain the momentum, while Nazara Technologies must hold the 200-DMA as a support.

GST Council to decide on taxation on online gaming, definition of MUVs

The GST Council at its meeting on Tuesday is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC. The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. It is also expected to finalise contours for setting up appellate tribunal, and demand of the industry for reimbursement of full CGST and 50 per cent IGST in 11 hill states under the 'scheme for budgetary support'. The Council is likely to provide for mandatory physical verification of the business premises of "high risk" applicants before granting of GST registration, as well as reduced time for submitting Pan-linked bank account details to GST authorities. Also, a

MeitY receives proposals for self-regulatory organisations in online gaming

As per the new regulations introduced in April, the government will approve the formation of three SROs responsible for certifying online games in India

GST Council to discuss tax valuation norms on online gaming on July 11

The GST Council is likely to discuss the recommendations of a group of state finance ministers regarding levy of 28 per cent tax on online gaming, casinos and horse racing, in its 50th meeting next week. The council is also likely to thrash out a consensus on whether the tax would be levied on the full value of bets placed or on the Gross Gaming Revenue (GGR). Sources said the report of the GoM, convened by Meghalaya Chief Minister Conrad Sangma, has been circulated to the states and a threadbare discussion is likely in the council meeting on July 11. The GoM members were unanimous on 28 per cent GST to be levied on these activities. However, since no consensus could be reached on whether the tax should be levied on the full face value of bets placed or the GGR, which is the fees charged by online gaming portals, the GoM left the decision on the GST Council, sources said. In December, the GoM submitted its report to Union Finance Minister Nirmala Sitharaman.

WinZo saw 40 bn micro-transactions on its platform in FY23, mostly via UPI

The company added that it contributes to at least one out of every 250 UPI transactions that occur in India and accounts for over 30 million UPI transactions per month