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Indian Video Games Industry Seeks Distinction From Real Money Games, Sends Policy Suggestions to Centre
A consortium of Indian video games and esports companies have written to the newly formed government, requesting a comprehensive industry-focussed policy, regulatory streamlining and a clear distinction from real money games that are often conflated with video games under the “Online Games” umbrella term.
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Notices Issued To Gaming Firms Over Rs 1.12 Lakh Crore GST Evasion: Centre
As many as 71 show cause notices have been issued to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24, the finance ministry said today.
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Betting-Based Online Gaming Firms Said to Face Rs. 1 Lakh Crore GST Notices
India's online gaming industry has received show-cause notices amounting to Rs. 1 lakh crore say sources. The notices come even as the industry has raised concerns on the applicable GST Rates.
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Will Seek Withdrawal Of Tax Notices To Online Gaming Companies: Atishi
Delhi Finance Minister Atishi today said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day.
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Ashneer Grover Slams Rs 55,000 Crore Tax Notice To Gaming Firms: ''Harassing Businessmen''
The former BharatPe founder questioned the thought process of people running the tax department and said that their goal is just to ''harass businessmen.''
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Offshore Online Gaming Companies in India Mandated to Register Their Business
The Indian government has mandated offshore online gaming companies operating in the country to register the business locally or appoint a representative to pay tax on funds collected from customers. The move to tax online gaming companies has shocked the nascent $1.5 billion (nearly Rs. 12,430 crore) industry, which is backed by global investors.
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Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
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India’s New Online Gaming Tax Will Stifle Foreign Investment, Put $2.5 Billion Investment at Risk: Gaming Firms
India's new 28 percent tax on online gaming companies will stifle foreign investment and put $2.5 billion (roughly Rs. 20,500 crore) already invested in the sector at risk, more than 100 gaming firms have said in a letter to India's finance ministry.
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Indian Online Gaming Firms Planning to Relocate Could Violate Laws: Official
Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday. New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.
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28% GST Decision "Will Wipe Out Entire Industry": Online Gaming Firms
Online gaming companies on Tuesday said that levying of 28 per cent GST will limit their ability to invest in new games, impact cash flows as well as business expansion.
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Government Moots Self-Regulatory Mechanism, Mandatory Verification for Online Gaming Firms
The government on Monday proposed a self-regulatory mechanism for online gaming firms in India as part of the draft online gaming rules. The upcoming rules will also require mandatory verification of players while firms will have to provide a physical Indian address. Meanwhile, the proposed amendments envisage that an online gaming intermediary wil...
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Online Gaming Firms To Come Under IT Rules, Self-Regulation Proposed
Online gaming companies are expected to comply with the laws of the land, including any such law that relates to gambling or betting or the age at which an individual is competent to enter into a contract.
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Google Asked to Drop Ads of Online Betting Firms in YouTube, Search Results: Report
Google has been asked by the central government to stop direct and surrogate advertising of overseas betting firms like Fairplay, PariMatch, and Betway in the country. Ads for these companies were showing up in search and YouTube, according to a letter reportedly sent to the company by the government last week.
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Government Tax Panel Said to Be Unlikely to Reach Consensus on Taxing Online Gaming in December
A government panel of state finance ministers has not yet submitted its report on plans to tax the online gaming sector, according to a government official. The panel is yet to decide whether to talk the profits of these firms, or the value of the entire pool of money collected from game participants.
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Gaming App Gets Rs 21,000 Crore Tax Notice, Firm Says Only "Game Of Skill"
The High Court of Karnataka has said that if it is proved that the same games which have already been decided as 'game of skill' by the courts, the Rs 21,000 crore tax notice on an online gaming company will go nowhere.
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Indian Video Games Industry Seeks Distinction From Real Money Games, Sends Policy Suggestions to Centre
A consortium of Indian video games and esports companies have written to the newly formed government, requesting a comprehensive industry-focussed policy, regulatory streamlining and a clear distinction from real money games that are often conflated with video games under the “Online Games” umbrella term.
-
Notices Issued To Gaming Firms Over Rs 1.12 Lakh Crore GST Evasion: Centre
As many as 71 show cause notices have been issued to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24, the finance ministry said today.
-
Betting-Based Online Gaming Firms Said to Face Rs. 1 Lakh Crore GST Notices
India's online gaming industry has received show-cause notices amounting to Rs. 1 lakh crore say sources. The notices come even as the industry has raised concerns on the applicable GST Rates.
-
Will Seek Withdrawal Of Tax Notices To Online Gaming Companies: Atishi
Delhi Finance Minister Atishi today said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day.
-
Ashneer Grover Slams Rs 55,000 Crore Tax Notice To Gaming Firms: ''Harassing Businessmen''
The former BharatPe founder questioned the thought process of people running the tax department and said that their goal is just to ''harass businessmen.''
-
Offshore Online Gaming Companies in India Mandated to Register Their Business
The Indian government has mandated offshore online gaming companies operating in the country to register the business locally or appoint a representative to pay tax on funds collected from customers. The move to tax online gaming companies has shocked the nascent $1.5 billion (nearly Rs. 12,430 crore) industry, which is backed by global investors.
-
Parliament Passes Bill to Levy 28 Percent GST on Online Games; Offshore Gaming Firms to Need Registration
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 percent tax on the full face value of bets in online gaming, casinos and horse race clubs. The CGST amendment bill defines 'online gaming' as a game on the internet or an electronic network.
-
India’s New Online Gaming Tax Will Stifle Foreign Investment, Put $2.5 Billion Investment at Risk: Gaming Firms
India's new 28 percent tax on online gaming companies will stifle foreign investment and put $2.5 billion (roughly Rs. 20,500 crore) already invested in the sector at risk, more than 100 gaming firms have said in a letter to India's finance ministry.
-
Indian Online Gaming Firms Planning to Relocate Could Violate Laws: Official
Indian online gaming firms planning to relocate overseas to avoid a new 28 percent tax on the sector run the risk of violating the country's foreign exchange laws, Vivek Johri, head of the indirect taxes' department, said on Thursday. New Delhi does not plan to implement the tax retrospectively, he said, in response to speculation it could do so.
-
28% GST Decision "Will Wipe Out Entire Industry": Online Gaming Firms
Online gaming companies on Tuesday said that levying of 28 per cent GST will limit their ability to invest in new games, impact cash flows as well as business expansion.
-
Government Moots Self-Regulatory Mechanism, Mandatory Verification for Online Gaming Firms
The government on Monday proposed a self-regulatory mechanism for online gaming firms in India as part of the draft online gaming rules. The upcoming rules will also require mandatory verification of players while firms will have to provide a physical Indian address. Meanwhile, the proposed amendments envisage that an online gaming intermediary wil...
-
Online Gaming Firms To Come Under IT Rules, Self-Regulation Proposed
Online gaming companies are expected to comply with the laws of the land, including any such law that relates to gambling or betting or the age at which an individual is competent to enter into a contract.
-
Google Asked to Drop Ads of Online Betting Firms in YouTube, Search Results: Report
Google has been asked by the central government to stop direct and surrogate advertising of overseas betting firms like Fairplay, PariMatch, and Betway in the country. Ads for these companies were showing up in search and YouTube, according to a letter reportedly sent to the company by the government last week.
-
Government Tax Panel Said to Be Unlikely to Reach Consensus on Taxing Online Gaming in December
A government panel of state finance ministers has not yet submitted its report on plans to tax the online gaming sector, according to a government official. The panel is yet to decide whether to talk the profits of these firms, or the value of the entire pool of money collected from game participants.
-
Gaming App Gets Rs 21,000 Crore Tax Notice, Firm Says Only "Game Of Skill"
The High Court of Karnataka has said that if it is proved that the same games which have already been decided as 'game of skill' by the courts, the Rs 21,000 crore tax notice on an online gaming company will go nowhere.
