Page 23 - Online Gaming

Weekend Bites: Import licences, taxing games, and the Ambani way

In which we munch over the week's platter of news and views

TMS Ep491: GST on gaming, AI & Indian IT, Fitch's US downgrade and more

Has the online gaming industry got a new lease on life? Is Indian IT embracing AI? How soon can equities recover from Fitch's US downgrade blow? What is Minerals Security Partnership? Answers here

28% GST on online gaming: How will new tax work for players and companies

GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase

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

GST Council meet: 28% tax on online gaming from October 1, says Sitharaman

The Council will review the implementation of 28 per cent goods and services tax (GST) on online gaming, and casinos after six months

GST Council Meeting 2023 Highlights: Here are the key points to know

The 51st GST Council meeting 2023 was held yesterday via video conferencing. The government stands its ground with its 28 per cent GST charge on casinos, race courses, and online gaming

28% GST on online gaming to be implemented from October 1: FM Sitharaman

Despite dissent from a few states, including Goa, Sikkim, and Delhi, the Council proceeded with the decision without a vote, as the majority of states were in agreement

Delhi finance minister 'strongly opposed' to 28% GST levy on online gaming

Delhi finance minister Atishi has "strongly opposed" the GST Council's decision to implement a 28 per cent GST on online gaming platforms, an official statement said on Wednesday. The GST Council chaired by Union finance minister Nirmala Sitharaman on Wednesday decided that 28 per cent GST will be levied at face value of entry level bets placed in gaming platforms and casinos. The Centre will bring amendments to the Central GST law in the ongoing monsoon session of Parliament, following which states will pass the amendments to State GST law in their respective assemblies. According to the official statement, Atishi said that the BJP-led central government is not ready to reconsider GST rates on online gaming platforms and the 28 per cent tax rate could "restrict" the industry growth. "More than 900 startups in India are based on the online gaming industry. BJP's lack of futuristic vision will lead to the industry's destruction. The central government promotes startups but it seeks

GST Council meeting: Delhi FM Atishi to raise issue of tax on online gaming

Ahead of the GST Council meeting, Delhi Finance Minister Atishi on Wednesday sought reconsideration of the decision to levy 28 per cent tax on online gaming. The GST Council, in its meeting on Wednesday, is likely to finalise the modalities for determination of supply value in online gaming and casinos for levying 28 per cent tax. The minister, who met representatives from the online gaming industry on Tuesday, said the issue will be raised by her at the meeting. "Last month the @GST_Council decided to impose a 28% tax on Online Gaming. Many entrepreneurs and investors from the start-up ecosystem opposed this decision, as they felt that it would destroy this fast growing industry.Yesterday, I met several representatives from the Online Gaming industry to understand their concerns. "Today the @GST_Council is meeting again, and I will ask the Council to reconsider its decision. Promoting start-ups and entrepreneurship is the only way our economy is going to grow!" Atishi tweeted. Th

Govt stands firm on its decision to levy 28% GST on e-gaming, casinos

The government officials clarified that so long as money is involved in a game, govt will make no distinction between a game of skill and a game of chance

Online gaming content, advertising under purview of IB Min: Notification

Online gaming content and advertising have been brought under the purview of the Ministry of Information and Broadcasting, according to a government notification issued on Monday. In an amendment to the Government of India (Allocation of Business) Rules, the subjects Films and Audio-Visual programmes/content made available by online content providers/publishers and online advertisements have been allocated to the Information and Broadcasting Ministry. "This will lead to coverage of online gaming content and online advertising. This covers all online advertising. We can amend the Information Technology Rules now," an official said.

Game developers ask Centre for clear distinction from real money games

Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision

GST Council to finalise taxing rules on online gaming on August 2

Legislative amendment expected in ongoing monsoon session of Parliament

Tax council to meet on Aug 2 to finalise online gaming tax: Report

Since the first announced its plan for the tax on Jul 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers

28% online gaming GST: Indian e-sports industry to emerge unscathed

Since e-sports has now been officially recognized by the government and does not involve wagering or betting of any kind, the new GST would not be applicable to the industry, say e-sports experts

Maharashtra man wins Rs 5 crore, then loses Rs 58 crore in online gambling

A Maharashtra businessman lost Rs 58 crore in an online fraud. Police filed the complaint and started an investigation and seized Rs 14 crore cash along with four kg of gold biscuits from the accused

Is 28% GST applicable on video games, esports? Here's what ESFI says

28% GST: According to ESFI, Esports has been officially recognised as a 'sport' by the government which distinguishes it from any and all activities like iGaming like fantasy, teen patti, and rummy

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 ..

Kalaari to Tiger Global: Investors urge govt to reconsider 28% gaming tax

They said that the decision will have a 'deleterious impact' on the industry and is expected to result in the loss of over 50,000 high-skilled jobs in India

Tiger Global, other investors ask India to reconsider online gaming tax

Over 100 gaming firms wrote a letter to the finance ministry last week, with a similar request, saying the tax will stifle foreign investment and put $2.5 billion already invested in sector at risk