Page 4 - Online Gaming

Online gaming, casinos liable to 28% GST since beginning: Revenue Secy

As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. "Certain members had raised the issue of retrospective taxation. It was informed to them that this is not retrospective, and this was the law earlier. These liabilities already existed because money online games played with bets...They were already attracting (28 per cent GST) by way of betting or gambling," Malhotra told reporters. In the 52nd GST council meeting, Delhi and Goa raised the issue of tax demands on e-gaming companies and casinos. Delhi Finance Minister Atishi said tax notices for the past 6 years calculated at a much higher rate of 28 per cent are being sent to online gaming cos, even though on October 1, this 28 per cent GST was to be implemented. "An industry whose revenue is Rs 23,000 crore, you are slapping a tax notice

FIFS asks govt to not impose GST on online gaming with retrospective effect

The Federation of Indian Fantasy Sports (FIFS) on Wednesday urged the government not to impose a 28 per cent GST on online gaming with retrospective effect, as it is discouraging investors to put in their money into this booming industry. The GST Council in its meeting in August held that online gaming would attract 28 per cent GST on the face value of bets at entry level. Pursuant to the decision, the GST authorities have sent notices to several online gaming companies for recovery of taxes. Speaking at the 'TIOL Tax Congresss 2023', Federation of Indian Fantasy Sports (FIFS) director general Joy Bhattarcharjee said the issue of GST rate is more or less settled and the only issue that the industry have is retrospective provision of the law because it is discouraging investors to put in their money into this booming industry," he said. "However, retrospectivity of GST provisions is a very difficult blow for us. "Having 'contingent liability' will spook away the investors whom we ne

Samsung may announce cloud gaming service exclusively for Galaxy devices

It is reported that the Galaxy devices owners would be able to access and play selected games from Samsung Galaxy app store or Game launcher directly on their devices

Elon Musk streams himself playing 'Diablo IV' to test X capacity

The broadcast on X, formerly Twitter, lasted 52 minutes, of which the first dozen were spent setting up the stream correctly, with a staffer helping Musk

As new 28% GST on online gaming takes off, gamers brace for impact

Rishi Raj, a Gurgaon-based avid player of online poker, believes that the government has been successful where most of his family failed - getting him to quit the real money game

Gaming cos to collect 28% on full bet value, foreign firms to have GST no

From October 1, online gaming companies will charge 28 per cent GST on full value of bets, while offshore platforms too would be required to have GST registration to operate in India. The finance ministry late on Friday notified October 1 as the appointed date for the amended provisions in Central GST and Integrated GST laws to come into effect. E-gaming companies, however, flagged that since many states are yet to pass amendments in their respective State GST (SGST) laws, this notification by the union government in CGST and IGST laws will create confusion. According to the changes to the Central GST Act, online gaming, casinos and horse racing will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets. The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay 28 per cent tax in accordance

FinMin notifies Oct 1 date for implementing amended GST law for e-gaming

The Finance Ministry has notified October 1 as the date for implementation of the amended GST law provisions for taxing e-gaming, casinos and horse racing. According to the changes to the Central GST Act, these supplies will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets. The amendments to Integrated GST (IGST) Act makes it mandatory for offshore online gaming platforms to take registration in India and pay taxes in accordance with domestic law. In its meetings in July and August, the GST Council, comprising finance ministers of Centre and states, had approved amendments to the law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent tax on full bet value. Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's ...

TMS Ep530: FMCG & inflation, e-gaming, real estate stocks, Cauvery dispute

Is inflation hurting FMCG companies' pockets? Can Indian e-gaming survive the tax demand? Is it time to book profit in real estate stocks? Why has the Cauvery dispute flared up again? Answers here

Showcause to egaming companies in line with legal provisions: CBIC

E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said on Thursday, adding that the tax demanded is based on analysis of data. He also said that the government is fully prepared to implement from October 1 the amended provisions for levying a 28 per cent tax on online gaming, casinos and horse racing along with mandatory registration of offshore online gaming platforms. In its meetings in July and August, the GST Council had approved amendments in law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent Goods and Services Tax (GST) on full bet value. Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's decision. Since then, online gaming companies like Dream11 and casino operator Delta Corp have ...

Tax demand on online gaming companies likely to top Rs 1.5 trillion

Dream11 and other companies seek legal recourse after DGGI slaps GST notice

Delta Corp sinks 23% in 2 days post tax notice; Kacholia sells 0.6% equity

The stock was quoting at its lowest level since December 2020 after the company received a tax notice amounting to Rs 16,822 crore last Friday, September 22.

Tax troubles: 80 online gaming companies likely to face GST evasion notice

Evasion by companies may be to the tune of up to Rs 12,000 crore

HP launches AMD processors-powered Omen 16 and Victus 16 gaming laptops

The HP Omen 16 and Victus 16 feature OMEN Gaming Hub, which is a gaming-focused utility tool with options such as performance mode and network booster

UAE creates federal authority for commercial gaming as casinos flock nation

Casinos long have been rumoured to be considered as a way to raise money in the UAE and boost its tourism industry, particularly in Dubai, home to the long-haul airline Emirates

GST on online games remains vexed issue despite Council blunting its impact

The gaming industry opposes 28 per cent tax on fresh bets even prospectively as it will increase the burden by 400 per cent, which is neither fair nor sustainable

Centre warns media outlets of action over ads of gambling platforms

The central government on Friday warned media outlets against publishing or displaying advertisements of online betting platforms, failing which they would face legal action. In an advisory issued to newspapers, television channels, digital media, social media platforms, the Ministry of Information and Broadcasting asked them to immediately refrain from showing advertisements/promotional content of betting and gambling platforms in any form. The government would be constrained to take appropriate action under various statutes, if they fail to abide by the order, the advisory said.

Top headlines: All eyes on Chandrayaan-3 landing, 28% GST move, and more

Business Standard brings you the top headlines at this hour

28% GST move: E-gaming companies fear tax liability may rise to 400%

The law will come into force on October 1 this year and will be reviewed after six months, according to a decision by the GST Council

User spends below Rs 100 on online gaming, Rs 200-400 on OTT: Survey

An average user spends less than Rs 100 on online gaming and Rs 200-400 on over-the-top (OTT) platforms, according to a report by technology and policy think tank Esya Centre. Published in a working paper of IIM Ahmedabad, the survey outlines that users spend the maximum time about 194 minutes a day on social media, compared to 46 minutes on online gaming and 44 minutes on OTT. Also, 28 per cent of the surveyed population consider online gaming important for their employment prospects. The report assesses market forces and user behaviours across social media, OTT and online gaming, including real money gaming, e-sports and casual gaming, among 2,000 respondents from Delhi NCR, Bengaluru, Chennai, Mumbai, Kolkata, Patna, Mysuru, Lucknow, Jaipur, and Bhopal and in-app data from over 20.6 lakh users across 143 mobile applications. As per the report, "Policymakers' concerns around online gaming are unsupported by user time-spend and money-spend data." The report comes after the GST ..

Online money egaming firms face tax outgo of Rs 45,000 crore

On July 11, the GST council stated that no distinction would be made between games of chance and games of skill and that 28 per cent would be imposed on the full face value of bets