Page 19 - Online Gaming

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

Call of Duty: Warzone Mobile arrives on Android and iOS platforms in India

The Call of Duty: Warzone Mobile is available for iPhone based on iOS version 16 or later and for other smartphones based on Android 10 or later with minimum 4GB RAM

No global expansion plans, focus on India's growth: Dream11 CEO Harsh Jain

Dream11 is one of three gaming unicorns - companies valued at over $1 billion - in the country, aside from Games24x7 and Mobile Premier League (MPL)

Social media is the top source for casual gamers' video game discovery

Over 90 per cent of casual gamers said they typically find gaming content on at least one Meta platform

Govt to study online gaming addiction to prevent impulsive behaviour

Concerned over rising online gaming addiction among youngsters, the government will undertake a research study to better understand the issues, curb impulsive behaviour and promote healthy digital habits. The study, to be piloted by the Ministry of Consumer Affairs, will identify the factors resulting in excessive consumption of online content, and prepare a framework to "predict, alert, and intervene with appropriate coping mechanisms". According to an official statement, the Department of Consumer Affairs in collaboration with the National Institute of Mental Health and Neurosciences (NIMHANS) Bangalore "proposes to undertake a research on the disruptive impulse control behavioural patterns of digital consumption that may cause vulnerabilities." A meeting was held on Monday under the chairmanship of Rohit Kumar Singh, Secretary, Department of Consumer Affairs. The meeting was attended by Anupam Mishra, Joint Secretary, Department of Consumer Affairs, Pratima Murthy, Director NIMHA

TMSEp634:Air travel safety, online gaming, CPSE stocks, bereavement policy

How can air travellers fly safely in Indian skies? What's next for online gaming after SRO failure? Is it time to be cautious in CPSE stocks? What is Air Canada's bereavement policy? All answers here