Page 11 - Online Gaming

Centre to introduce policy or new law on online gaming soon: Vaishnaw

Union Minister Ashwini Vaishnaw on Sunday said the Centre would come out with a proper policy or a new law on online gaming given the impact it has on society. During an interaction with reporters here, Vaishnaw, who holds the Railways, Communication and Information Technology portfolio, recalled that recently he had a meeting with the Information Technology Ministers of all the States, who were concerned over the effect of online gaming. Every State has shown serious concern about the impact online gaming is having on society, particularly the addictive part of it -- people are getting addicted, people are weirdly exhibiting behaviour not within social norms, which is affecting harmony of society, Vaishnav said. That's why we have taken up a very serious consultation process with all stakeholders. We will be able to come up with a proper policy very soon which might even involve a new law or a regulation, he explained. He also said the Centre is coming up with Data Bill and Digit

28% GST on online games when winning depends on certain outcome: CBIC chief

Central Board of Indirect Taxes chief Vivek Johri on Saturday said online games where winning is dependent on a certain outcome would attract 28 per cent GST on the full bet value. Though the report of the Group of Ministers (GoM) on online gaming did not come up for discussion at the GST Council, the department would go by the view that 28 per cent GST is payable on full bet value put in by a player, and not net of margins. The comments assume significance as the Gameskraft Technology Pvt Ltd (GTPL) GST evasion case is still in the court. Directorate General of GST Intelligence (DGGI) in September issued a show cause notice to Bengaluru-based online gaming company Gameskraft Technology Pvt Ltd (GTPL), for not Goods and Services Tax (GST) to the tune of Rs 21,000 crore. Asked what would be the position of the Central Board of Indirect Taxes (CBIC) since the Council has not decided yet on the GoM report, Johri said the department's view is that 28 per cent GST is payable on actionab

GST Council meet begins; decriminalisation, gutkha biz tax on agenda

Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to ...

'Rules in place', says Rajeev Chandrasekhar on regulation of online gaming

Union Minister Rajeev Chandrasekhar in a written reply to a question in the Rajya Sabha on Friday said rules on the regulation of online gaming were in place

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Online gaming industry agrees for 28% GST only on GGR not on entry amount

Online skill-based gaming industry is fine with the government raising GST on online gaming from 18 per cent to 28 per cent but it should be levied only on gross gaming revenue (GGR) and not on contest entry amount as could hit the USD 2.2-billion sector, say industry players. There are reports that upcoming GST Council may consider imposing a 28 per cent Goods and Services Tax (GST) on the total amount rather than the current practice of 18 per cent on GGR. GGR is the fee charged by an online skill gaming platform as service charges to facilitate the participation of players in a game on their platform while Contest Entry Amount (CEA) is the entire amount deposited by the player to enter a contest on the platform. "As an industry, we are united on our ask that GST continues to be levied on the gross gaming revenue and not on the contest entry amount. The increase from 18 per cent to 28 per cent GST on the gross gaming revenue already increases tax revenue for the exchequer by aroun

Epic Games adds for-kids accounts in Fortnite, Rocket League, Fall Guys

While signing in, all players will be required to enter their date of birth

GST Council to discuss decriminalisation at Council meet on December 17

One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore

Tax panel may not reach consensus on taxing online gaming: Report

A panel of Indian state finance ministers has yet to submit its report on taxation of the booming online gaming sector that is crucial to a final decision on how the levies should be imposed

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Business Standard brings you the top headlines at this hour

Govt plans federal oversight of all real-money online games: Report

An Indian panel tasked with drafting the regulation in August proposed a new body to decide whether a game involves skill or chance, and then let skill games be governed by planned federal rules

Preventive algorithms can be win-win for online gaming in India: Experts

Going by the industry estimates, India's gaming industry at its present pace will touch the dollar 25-billion-mark, way ahead of 2030

MPL bans over a million accounts in 2022 to promote fair gameplay

According to the company, these are not temporary suspensions but permanent bans of these users from the system

Pakistan halts overseas payments for online gaming and other apps

Army rejects claims about Gen Bajwa, family's assets; PTI Senator arrested for tweets against military officials

GoM on GST levy on casinos, online gaming to submit report next week

The state finance ministers' panel for GST levy on casinos, online gaming and horse racing will submit its report to the GST Council next week, Meghalaya Chief Minister Conrad Sangma said on Friday. Sangma-headed Group of Ministers (GoM) held its final meeting on the issue earlier this week and is understood to have recommended a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance. However, in the absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount received from participants, the GoM has decided to refer all the suggestions to the GST Council for a final decision. Asked when the GoM would send the report to the council, Sangam said: "We will submit the report next week". 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. The GoM in its earlier re

Indian gamers keen in turning professional, see career growth: Report

Jobs seen as influencers, software developers, animators as industry grows in country

28% GST on online gaming likely; Council to take a final call on valuation

The state finance ministers' panel is likely to recommend a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance, and may leave the final decision on the vexed issue of valuation to the GST Council, sources said. The Group of Ministers, chaired by Meghalaya Chief Minister Conrad Sangma, had a virtual meeting on Tuesday to finalise their long pending report on taxation of online gaming, casinos and horse racing. According to the sources, a majority of the state ministers in the GoM were of the view that the Goods and Services Tax (GST) on online gaming should be raised to 28 per cent. However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the GoM has decided to refer all suggestions to the GST Council for a final decision. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming

Panel may recommend 28% GST on online gaming, tweak in calculation method

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

India becomes e-sports gaming hub with Valorant, BGMI tournaments

While still in its infancy compared to the US, China and Japan, investors are betting on huge growth in Indian esports -- powered by one of the world's youngest populations and cheap mobile data

TMS Ep306: insolvency process, big guns exports, markets, game of skills

Has India's insolvency process matured? Has India finally buried the Bofors ghost? Is it time to raise high-beta bets in your portfolio? How's game of skill different from game of chance? Answers here