Online Gaming

India seeks FATF oversight for online gaming to curb money laundering risks

If the FATF includes the sector within the AML/CFT framework, gaming platforms would need to adhere to KYC norms and report suspicious transactions, including identifying their beneficial owners

Govt may set up panel to ensure compliance by online gaming platforms

An inter-departmental committee with representatives from ED, RBI, tax and consumer affairs departments may be set up to combat the proliferation of online gaming platforms and ensure regulatory compliance, a DGGI report said. The GST intelligence wing of the Central Board of Indirect Taxes and Customs (CBIC) has initiated action against 118 domestic online gaming entities, and Show Cause Notices have been issued to 34 taxpayers involving tax amount of Rs 1,10,531.91 crore. The notices were issued to these gaming companies as they were not paying GST at 28 per cent rate. Furthermore, 658 offshore entities have been identified as non- registered/non-compliant entities and are being investigated by the DGGI. Also, 167 URL/websites have been recommended for blocking. The Directorate General of GST Intelligence (DGGI) annual report 2023-24 flagged that online money gaming' is a "high-risk" industry for tax evasion, money laundering, cyber frauds, juvenile delinquency and various ...

Rs 2 trn GST evasion detected in FY24, online gaming most prone to evasion

Investigation arm DGGI has detected 6,084 cases involving Rs 2.01 lakh crore of GST evasion in 2023-24 fiscal, with online gaming and BFSI in services and iron, copper, scrap and alloys in goods emerging as the sectors most prone to evasion. The amount is double of over Rs 1.01 lakh crore detected in 2022-23 in 4,872 cases. Out of these, voluntary taxes of Rs 26,605 crore was paid in 2023-24, up from Rs 20,713 crore in 2022-23. As per the annual report of the Directorate General of GST Intelligence (DGGI), about 46 per cent of the evasion cases related to non-payment of tax (through clandestine supply and undervaluation), 20 per cent related to fake Input Tax Credit (ITC), and 19 per cent to wrong availment/non-reversal of ITC. In 2023-24, online gaming sector saw maximum evasion with Rs 81,875 crore in 78 cases, followed by Banking, Financial and Insurance (BFSI) with Rs 18,961 crore evasion in 171 cases. Works contract services and pharmaceutical had 343 cases and 22 evasion case

Online gaming industry eyes relief as stakeholders await GST Council review

GST Council Meet: The gaming industry is hopeful that the meeting will address concerns over issues such as valuation, retrospective tax levies, and the impact of the new tax regime

GST Council set to meet today, talks on rate rationalisation to kick off

GST Council Meet: The Goods and Services Tax (GST) Council is expected to deliberate on a host of issues on Monday, including the taxation of insurance premiums and rate rationalisation

GST council to discuss report on online gaming taxation, fake registration

The GST Council in its meeting next week is likely to deliberate upon the status report on taxation of online gaming, in addition to the progress of the drive against fake Goods and Services Tax registration, sources said. The Council will also clear the notifications to give effect to the amendments in GST law, which were part of the Finance Act, 2024. The Council, which is chaired by the Union Finance Minister and comprises state counterparts, in its 54th meeting on September 9 will also discuss the report of two Group of Ministers (GoM) -- one on rate rationalisation and the other on real estate. With regard to online gaming, centre and state tax officers will present a "status report" before the GST Council. The report would include GST revenue collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28 per cent GST. Prior to that, many online gaming companies

Global gaming major Flutter bets big on India, opens GCC in Hyderabad

The 80,000 sq. ft GCC in Hyderabad will host over 700 employees and focus on data engineering, game integrity, and other key functions

PM Narendra Modi calls on India's gaming talent to lead the world

According to Anuraag Saxena, CEO of industry body E-Gaming Federation (EGF), India has about 40 per cent of the world's games, with less than 1 per cent of gaming revenues

GST Council likely to mull on online gaming, reduce tax on fertiliser

The GST Council, in its meeting on Saturday, is likely to deliberate on various issues, including taxation on online gaming and the Parliamentary standing committee's recommendation for lowering tax on fertiliser, according to sources. The 53rd meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is also likely to discuss the progress of the Group of Ministers (GoM) on finalising the report on Goods and Service Tax (GST) rate rationalisation and amendments to GST laws based on previous decisions of the council. The council may also discuss the recommendations made by the Standing Committee on Chemicals and Fertilisers in February to reduce GST on nutrients and raw materials in the interest of fertiliser manufacturing companies and farmers. Currently, GST at a 5 per cent rate is charged on fertilisers, while raw materials like Sulphuric Acid and Ammonia face a higher GST at 18 per cent. The issue of further reduce ta

Google pauses plans to allow more real-money gaming apps on PlayStore

Google is doing so due to challenges related to the absence of a central licensing framework and complexities in developing an appropriate monetisation model

Revenue stagnant and margins eroded, impact of high GST on gaming: Report

The report said, "Six companies have witnessed a decline in revenue growth ranging from 10-30 per cent, with certain companies facing a decline of 50 per cent"

Over 50% gaming cos saw revenue stagnate or dip after 28% GST norm: Report

The impact of the new GST norm was also seen in the employment in these companies. According to the report, as many as 10 of these companies faced "significant headwinds" on job creation

Delta Corp stock up 14% on retrospective GST respite hope. Check key levels

As per reports, the GST Council is expected to take up a key amendment that has the potential to resolve the vexatious issue of retrospective taxation for online gaming companies this Saturday.

GST Council likely to address retrospective taxation on online gaming

Move may give relief to firms facing Rs 1.12 trn in tax demands

SC takes up pleas from 9 HCs on imposition of 28% GST on e-gaming firms

The Supreme Court on Friday allowed a petition of the Centre and transferred to itself pleas, challenging the imposition of 28 per cent Goods and Services Tax on e-gaming firms, from nine high courts for an authoritative pronouncement. A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra allowed the transfer plea of the Centre and asked it to file the response to the pending petitions of online gaming companies by April 20. It also appointed a nodal counsel, who will collate records in the case and now the pleas will be taken up for hearing in the first week of May. Many online gaming firms like Dream 11, Games 24x7, and Head Digital Works had moved the top court challenging the GST imposition. Earlier, the top court had stayed the Karnataka High Court verdict quashing the GST intimation notice to the tune of Rs 21,000 crore issued to an online gaming firm.

Nazara games subsidiary to acquire Ultimate Teen Patti IP from Games24x7

Gaming company Nazara Technologies will acquire intellectual property rights pertaining to Ultimate Teen Patti from Games24x7 for Rs 10 crore, the company said in a regulatory filing. Launched in 2015, Ultimate Teen Patti (UTP) is a free casual card game for entertainment purposes only and does not offer any real money to the players. "Next Wave Multimedia Private Limited, a subsidiary of the company, at their meeting held today i.e. on April 04, 2024, has approved the acquisition of all the Intellectual Property rights pertaining to the 'UTP - Ultimate Teen Patti' casual freemium card game software and associated trademarks," the filing said. The acquisition will be done by by way of assignment from U Games Private Limited, the subsidiary of Play Games24x7 Private Limited for an aggregate consideration of Rs 10 crore inclusive of applicable taxes, the filing said. Out of the total aggregate consideration of Rs 10 crore inclusive of applicable taxes, if any, as per the IP assignme

Bullet Echo India: BGMI maker Krafton launches new battle royale style game

Bullet Echo India mobile game features character skins inspired from Indian culture and Krafton's BGMI

Online gaming can help India's development goals, needs clear regulations

The sunrise sector must be integrated into national development goal and strategies

Delta Corp hits over 3-year low; stock tanks 55% from 52-week high

FIIs reduced their stake in Delta Corp to 1.6% at the end of December quarter, from 6.7% in the preceding June 2023 quarter. Meanwhile, retail holding rose to 45% from 32.8%.

Galaxy Hub: Samsung cloud gaming service coming to Galaxy smartphones, TVs

Samsung would offer games through its cloud network, enabling gameplay directly on the supported platforms without requiring prior installation