Page 2 - Online Games

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

India approves relaunch of Krafton's mobile game BGMI after 10-months ban

South Korea's foreign affairs and culture ministries held meetings with their Indian counterparts to help lift the ban, a Krafton Inc representative said

Tax tussle: Govt not in favour of banning foreign gaming platforms

MeitY feels these are not a security threat

Government to come up with angel tax rules for start-ups before April 30

Rajeev Chandrasekhar had admitted that the angel tax was an 'aberration' and reforms were under consideration

FinMin considering classifying online games as games of skill, chance

The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said. Online games where winning is dependent on a certain outcome or is in the nature of betting or gambling would attract 28 per cent Goods and Services Tax (GST), while those which involve some amount of skill could be taxed at a lower 18 per cent. A final decision on the taxation on online gaming would be taken by the GST Council in its next meeting, which is likely in May or June. "All online games are not games of chance and are not in the nature of betting or gambling. The Finance Ministry will be presenting its view before the council," the official told reporters here. The task would be to differentiate between what should be a game of skill and what can be called a game of chance. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals

Paid competitive gaming growing 6x faster than overall mobile gaming: RPT

A report on Friday showed added that consumer spending on games has gone up by around 40 per cent in the last three years

Krafton re-enters India with a new game available for download in March

The company has reimagined the game for the Indian audience, bringing several new updates including full-fledged Hindi language support to provide an immersive experience for Indian gaming community

InMobi group's Nostra expects 3-fold rise in user base to 200 mn by 2024

Softbank-backed InMobi group's mobile gaming platform Nostra on Tuesday said it expects to grow its user base by close to three-fold to 200 million by 2024. Nostra, formerly Glance Gaming, said it has surpassed 75 million monthly active users in online gaming through Glance Lock Screen, making it India and Southeast Asia's largest mobile gaming platform. "Users are not only playing games on Nostra but also engaging deeply with games streams. They clocked over 470 million hours watching game streams in 2022. We plan to take Nostra's proposition that users clearly love global and aim to reach over 200 monthly active users in the next two years on the back of Glance lock screen and several other device partnerships," InMobi Group co-founder and Glance COO and President Piyush Shah said. Online gaming is one of the fastest-growing industries globally. In India alone, the online gaming market is estimated to cross USD 7 billion by 2025, the statement said. "Glance is fully committed to