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News on Medial
Government to impose 28% GST on online games
Entrackr
·
2y ago
Medial
The 50th Goods and Services Tax (GST) Council meeting on Tuesday decided that a 28% GST will be levied on the full face value of online gaming. The move deals a severe blow to the gaming companies that offer real-money games.
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Related News
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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28% GST on online gaming to yield extra ₹20,000 cr yearly: Govt
Money Control
·
2y ago
Medial
According to Revenue Secretary Sanjay Malhotra, the GST Council's move to impose a 28% tax on the full bet value in online gaming would generate approximately ₹20,000 crore in additional annual revenue for the government. Malhotra noted that the online gaming industry currently pays only 2-3% GST, which is lower than the 5% tax applied to food items commonly consumed by individuals.
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Online gaming companies say only illegal platforms will gain from 28% GST
Economic Times
·
2y ago
Medial
The government's decision to impose a 28% GST on the full face value of online gaming could result in users migrating to illegal gambling and betting platforms, industry executives said.
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Casino operator Delta Corp subsidiary gets Rs 6,384 crore GST notice from DGGI
IndianStartupNews
·
1y ago
Medial
Indian casino operator Delta Corp's subsidiary, Deltatech Gaming, has received a notice from the Directorate General of GST Intelligence demanding payment for a tax shortfall of Rs 6,384 crore. This adds to Delta Corp's existing tax liabilities totaling Rs 23,206 crore. The notice is based on the gross bet value of games played, following the GST council's decision to impose a 28% tax on the full face value of chips purchased for playing.
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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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Expect to earn ₹14,000-cr GST in FY25 from online gambling: Govt
Reuters
·
1y ago
Medial
Union Revenue Secretary Sanjay Malhotra told Reuters that the government expects to collect up to ₹14,000 crore in GST in FY25 by taxing online gambling companies. The government had imposed 28% GST on funds that online gaming companies collect. Malhotra said the government will collect about ₹7,500 crore from online gambling in FY24, up from ₹1,600 crore collected in FY23.
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GST From Online Gaming Jumped 5X To INR 1,349 Cr In The First 6 Months Of New Regime: FM
Inc42
·
10m ago
Medial
The collection of Goods and Services Tax (GST) by the Indian government in the first six months after the implementation of the 28% GST regime amounted to INR 6,909 Cr. This figure is a significant increase of 412% compared to the INR 1,349 Cr collected in the six months before the 28% GST regime was imposed. The 28% GST tax on the online gaming industry took effect on October 1 and involves a 28% tax on the full face value of bets placed in real money gaming.
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Real money gaming startup Fantok halts operations after 28% GST rule
Entrackr
·
1y ago
Medial
Fantok, a real money gaming app, temporarily halts operations due to the 28% GST on online real-money games imposed by the Indian government. Similar actions were taken by Mobile Premier League, Spartan Poker, Hike Rush Gaming Universe, One World Nation (OWN), and Quizy. The tax and operational challenges led Fantok to this decision, while they evaluate strategic pivots to align with the evolving regulatory landscape. Other gaming companies and investors have protested the GST decision as well.
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28% GST Effect: Monthly Tax Collections From Online Gaming Platforms Jump To INR 1,200 Cr
Inc42
·
1y ago
Medial
The Indian government has reported a significant increase in monthly GST collections from online gaming platforms since imposing a 28% tax levy in October 2023. Revenues have soared more than 400%, bringing in around INR 1,200 Cr per month. The decision to impose the tax came amid concerns over illegal overseas online gaming sites, with no new platforms reportedly registering in the country since October 2023. Tax officials are facing challenges as these platforms change VPNs and website addresses to evade authorities.
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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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