Tag: Online Gaming

Online gaming industry faces potential 50 percent revenue drop after 6 months of 28 percent GST implementation

In addition to the basic rate of 30 percent, a health and education cess at the rate of 4 percent of the amount of tax is levied. Thus the effective tax rate on lottery winnings comes up to 31.2 percent. (Image sourced via Unsplash)

To weather the storm of a significant revenue drop in the financials for the last six months, among other cost cutting measures, online gaming companies are slashing marketing expenses by over half.

Central Consumer Protection Authority issues advisory on prohibition of endorsement of online gambling platforms

The Acharya Chanakya Educational Foundation has urged Uber India to act responsibly in protecting the interests of the nation’s youth. (Representative Image: Jack Hamilton via Unsplash)

The advisory has been issued in the context of proliferation of advertisements promoting anti-national illegal online gambling platforms, which are increasingly been endorsed by sportspersons and actors from the Indian film industry.

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

The Acharya Chanakya Educational Foundation has urged Uber India to act responsibly in protecting the interests of the nation’s youth. (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

The Acharya Chanakya Educational Foundation has urged Uber India to act responsibly in protecting the interests of the nation’s youth. (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.