Tag: Online Gaming

Real money gaming industry estimated at Rs 1.6 lakh crore, says IT-BT Minister Priyank Kharge

Such sites pose significant financial and socio-economic risks for consumers, especially youth and children and the Ministry of Information and Broadcasting (MIB) has previously issued multiple advisories asking television channels, digital news publishers and OTT platforms to refrain from showing advertisements for online gambling sites and surrogate advertisements. (Representative Image: Jack Hamilton via Unsplash)

According to the Government’s estimations for 2024-2028, TDS was pegged at Rs 7,000 crore annually, while the GST collection was pegged at Rs 74,000 crores.

Budget 2024: Huge potential with 28% GST on online gaming, says Revenue Secretary

The United States has the most LinkedIn members, followed by India and China. According to the research group Insider Intelligence, LinkedIn's annual advertising revenue increased to nearly $4 billion in 2023, up 10.1 percent. (Image source: Unsplash)

Revenue Secretary Malhotra, in a post-Budget interview with CNBC-TV18, said the government saw a sixfold surge in revenue after the implementation of 28% GST on online gaming platforms from October 1, 2023.

Gaming ideal advertising medium for sports and live events now: Roland Landers, AIGF

India is currently looking at a 150 million strong community of mid-core/ core gamers in 2023 alone, a significant portion of which have graduated from casual gameplay.(Representative Image: Javier Martínez via Unsplash)

Roland Landers, CEO, and Dhruv Garg, Tech & Policy Lawyer and Legal Advisor, All India Gaming Federation (AIGF) talk about the Madras High Court verdict overturning the rummy and poker ban, the implication of 28% GST on the gaming fraternity, the gaming trends of 2023 and a lot more.

Centre has the right to regulate Online Gaming: MeitY tells Delhi High Court

Such sites pose significant financial and socio-economic risks for consumers, especially youth and children and the Ministry of Information and Broadcasting (MIB) has previously issued multiple advisories asking television channels, digital news publishers and OTT platforms to refrain from showing advertisements for online gambling sites and surrogate advertisements. (Representative Image: Jack Hamilton via Unsplash)

The central government has responded after the Social Organization for Creating Humanity (SOCH). challenged the constitutional and legislative validity of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023, which aim to regulate online gaming.

Gaming firms may use grey area in GST law to challenge ‘retrospective’ taxation: Sources

According to Dua, while initial concerns remain regarding the regulations, cautious optimism is emerging. Data is being analyzed by officials to understand the impact on businesses and consumers. This, along with the Finance Minister's commitment to review, fuels hope for a potential revision that fosters continued industry growth.(Representative image via Unsplash)

Officials say the centre will leave it to the courts to decide whether the notices sent for the period prior to October 1 for 28 percent GST are valid or not.

How new-age gaming developers are transforming player experience

The representation letter to the Prime Minister’s Office and to the office of the Minister of Information and Broadcasting (MIB) was signed by 70 companies from the Indian video games and esports industry.

Now backed with more resources and a massive audience, game developers are ready to capitalize on the skyrocketing demand for more immersive gaming.

GST Council Meet: Centre says not taxing online gaming firms retrospectively as states flag concerns

According to Dua, while initial concerns remain regarding the regulations, cautious optimism is emerging. Data is being analyzed by officials to understand the impact on businesses and consumers. This, along with the Finance Minister's commitment to review, fuels hope for a potential revision that fosters continued industry growth.(Representative image via Unsplash)

Previously, online gaming companies paid 18 percent tax on the platform fees because the law was ambiguous, while betting and gambling always fell under the 28 percent slab.

India’s booming online gaming industry faces challenges in transition to 28 percent GST bracket

Moving on from taxes and revenues, the report also said that India’s online gamers are expected to grow at a CAGR of 5 percent and reach 53.8 crore by FY28. (Representational image via Unsplash)

While the government’s efforts to regulate and tax the sector are understandable from a revenue generation and user protection standpoint, it’s crucial to ensure that these measures do not stifle the industry’s potential.