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Gameskraft, Nazara, MPL, AIGF and others request govt to reconsider 28% GST on real-money gaming
Money Control
·
2y ago
Medial
India's leading real-money gaming startups, including Dream11, Paytm First Games, and MPL, have appealed to the government to reconsider the decision to impose a 28% Goods and Services Tax (GST) on their industry. They argue that the high tax rate would hinder their ability to operate and discourage users from participating in online gaming platforms, impacting the growth of the sector.
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Tiger Global, ChrysCap, Peak XV ask govt to reconsider GST on online gaming
VCCircle
·
1y ago
Medial
Investment firms Tiger Global, ChrysCap, Peak XV, and ASK have requested the Indian government to reconsider the Goods and Services Tax (GST) on online gaming. They argue that the 28% GST rate on skill-based gaming platforms is excessive and should be reduced. These companies believe that a lower tax rate would encourage growth and investment in the online gaming industry.
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How Nazara Managed To Score A Point While Other Gaming Companies Cry Foul
OutlookIndia
·
1y ago
Medial
Nazara Technologies, a gaming start-up, has successfully raised INR 510 crore in recent funding despite the government's decision to impose a 28% GST on real-money gaming. The company's conservative approach, diversification strategy, and minimal exposure to real-money gaming have given investors confidence that Nazara can weather the sector's challenges. With revenue streams from various sources, such as subscriptions, platform fees, and advertising, Nazara plans to consolidate operations and continue its growth in the gaming industry. The company is also considering acquiring profitable game studios to expand its library.
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Another casualty of 28% GST? MPL-backed Striker to shut operations
Inc42
·
1y ago
Medial
MPL-backed fantasy gaming platform Striker is reportedly shutting down its operations due to the 28% GST levy on the online gaming sector. Founded in 2022, Striker allowed users to collect and trade digital collectibles and cards focused on cricket. The platform faced legal challenges and adverse regulations before the GST decision, which added to its troubles. No timeline for the shutdown or information on the fate of its employees has been provided. Striker is not the only platform affected by the GST, as others have temporarily shut down or implemented cost-cutting measures. In the midst of this, MPL has acquired NFT marketplace Good Game Exchange for $12.75 million.
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Gameskraft to discontinue super app Gamezy amid Rs 21,000 crore tax demand
Economic Times
·
1y ago
Medial
Bengaluru-based online gaming company Gameskraft announced that it will phase out its super app, Gamezy, which offers real money and casual games, including ludo and card games. This decision comes after facing a potential Rs 21,000 crore goods and services tax (GST) payout. The company will focus on developing and promoting dedicated single apps like RummyPrime and LudoCulture, as it believes in providing deep category-specific experiences for players. Numerous online gaming companies have been impacted by the 28% levy on online gaming imposed by the GST Council.
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India's GamesKraft suspends operations of Gamezy amid tax tensions
IndianStartupNews
·
1y ago
Medial
Bengaluru-based gaming firm GamesKraft has decided to suspend its popular fantasy offering, Gamezy Fantasy, in response to the introduction of a 28% GST in the online gaming industry. The company is in the process of restructuring its Gamezy super app and urging users to transition to separate apps like RummyPrime and Ludo Culture. This decision comes after the Supreme Court stayed an order that nullified a Rs 21,000 Cr tax evasion notice served to GamesKraft by the Directorate General of GST Intelligence.
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Double whammy coming for already struggling real gaming companies
Economic Times
·
1y ago
Medial
Real money gaming (RMG) companies such as Dream11, Games24X7, and Mobile Premier League (MPL) will face cost pressures as Google plans to charge service fees for listing these apps on the Playstore starting July 1. This comes as a setback for these companies, who are already dealing with the impact of the increased GST rate of 28%. Gaming companies have been benefiting from Google's support, but this change will add to their challenges.
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Layoffs, Closures: 28% GST Hits Online Gaming Industry Hard As Authorities Begin Tax Recovery
OutlookIndia
·
1y ago
Medial
The implementation of a 28% tax on real money gaming (RMG) by the Goods and Services Tax (GST) Council has led to chaos in the online gaming industry in India. Several start-ups, including Dream11 and Games 24x7, have received tax notices amounting to around Rs 55,000 crore. Companies such as Super Group Limited and Nazara Technologies have already stopped operating in the Indian market, while others have resorted to layoffs. The new tax rate will also impact players' winnings and the competitiveness of gaming companies. The future of the industry remains uncertain as companies navigate the challenges posed by the tax changes.
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28% GST on online real money games: 3 layoffs, 3 shutdowns, what’s next?
Entrackr
·
1y ago
Medial
The imposition of 28% GST on online real money games has led to layoffs and shutdowns in the Indian gaming industry. Mobile Premier League (MPL), Spartan Poker, and Hike Rush Gaming Universe have laid off employees, affecting over 500 jobs. Additional startups like Fantok and One World Nation (OWN) have halted services or shut down. The move has raised concerns about the survival of startups in the industry. The policy risk and the GST impact are significant challenges, and some companies are exploring international expansion. KRAFTON announced a $150 million investment in India, while Ampverse plans to set up a gaming studio in the country.
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Mobile Premier League net loss narrows to $37 million in FY23 as revenue grows, expenses fall
Economic Times
·
1y ago
Medial
Mobile Premier League (MPL), an online real money gaming company based in Bengaluru, reported a significant reduction in net loss for FY23 to $37.04 million compared to $194.47 million the previous year. The company's revenue rose by 63% YoY, reaching $104.63 million, while expenses decreased. MPL exited the merchandise business, slashing costs and laying off 100 employees. Although the online gaming industry faced challenges due to the amended GST regime, MPL and other companies in the sector continued to experience growth.
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Online poker platform Spartan Poker lays off 125 people after 28% GST blow
Money Control
·
1y ago
Medial
Spartan Poker, an online poker platform, has laid off 125 employees, constituting 40% of its workforce, allegedly due to the impact of the Indian government's 28% GST on the real-money gaming sector. This downsizing follows similar actions by companies like Mobile Premier League and Hike. Spartan Poker has not commented on the situation. The GST Council's decision to levy 28% GST on real-money games has affected the gaming industry, despite partial relief recommendations.
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