Page 17 - Online Gaming

Delta Corp, Nazara Tech jump up to15% as SC stays GST notices indefinitely

SC on online gaming plea news: The Rajya Sabha, in December 2023, was informed that online gaming companies were served 71 show-cause notices related to GST evasion, amounting to Rs 1.12 trillion

SC to hear online gaming firms' urgent plea for interim relief on GST

In July 2023, during its 50th meeting, the GST Council categorized online games-both skill-based and chance-based-under the 28 per cent GST slab

Zupee Crosses 100 Million Users Milestone : What Worked For the Online Gaming Platform?

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Zupee Recognized Among India's Most Downloaded Apps in 2024

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GST on betting: Indian gaming industry faces tax demands by Feb 2025

While some firms have already received tax demands, gaming industry bodies are lobbying to prevent aggressive enforcement actions until the Supreme Court resolves the matter

The Emergence of Skill Gaming: Zupee's Impact on Its Future Evolution

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66% parents believe children addicted to social media, gaming, finds survey

Majority of parents surveyed believe their children are addicted to social media, over-the-top apps and gaming platforms and more than half have observed behavioural changes in them which include aggression, impatience and lethargy, says a report. According to a survey of parents of children aged between 9 and 17 years in urban areas, 47 per cent have shared that their wards spend an average of three hours or more every day on social media, videos, over-the-top apps, and online games. Around 10 per cent of the parents shared their children spend more than six hours on social media, online games and videos, online survey firm LocalCircles said. "66 per cent of parents of urban Indian children surveyed believe that their children are addicted to social media, OTT or online gaming platforms and 58 per cent of these parents believe that this is leading to increased aggression, impatience and lethargy in children," LocalCircles founder Sachin Taparia said. The survey was conducted onlin

Money laundering big threat to online gaming, digital economy: Report

The fast-growing Indian online gaming sector is facing a significant threat from money laundering, necessitating urgent steps to ensure its sustained success and protect the country's robust digital economy, a report said on Thursday. The essential measures outlined in a report by the Digital India Foundation include forming a dedicated task force for illegal operators, creating a whitelist of legal operators, combating misleading advertisements, and incorporating principles of financial integrity and international cooperation. Other critical measures include public awareness and providing education to help users make informed decisions and avoid platforms that engage in deceptive practices. A comprehensive assessment of in-game assets, financial institutions should deploy AI/ML-driven detection models, build strong investigative teams, implement a robust programmes and take decisive actions to combat money mules, it said. The Indian Real Money Gaming (RMG) sector has become a key .

Delta Corp, Nazara: Should you bet on online gaming shares ahead of Diwali?

Amid festivities, family and friends also indulge in games and fun activities. With changing lifestyle, online gaming, too, gained traction. Here's a tech check on online gaming stocks ahead of Diwali

Mahadev app promoter Chandrakar could be extradited to India soon

Sourabh Chandrakar, one of the main promoters of the Mahadev betting app, is expected to be brought to India soon following his recent formal arrest in Dubai on the basis of an Interpol issued arrest warrant in a money laundering and fraud case, official sources said Friday. Chandrakar along with another promoter of the app, Ravi Uppal was detained in that country late last year following the ED's request for issuance of a Red Notice (RN) against them. Sources said Chandrakar is expected to be either extradited or deported to India over the next few days after he was formally placed under arrest in Dubai recently. The ED has alleged that its probe in the Mahadev Online Book (MOB) gaming and betting app has shown involvement of various high-ranking politicians and bureaucrats from Chhattisgarh, the state where Chandrakar and Uppal hail from. MOB app, as per the federal agency, is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new user

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