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Hike's Rush Gaming Universe axes 55 jobs as 28% GST bites
Money Control
·
1y ago
Medial
Gaming company Hikes Rush cuts 55 jobs due to the impact of a 28% GST rate. The move reflects the challenges faced by the gaming industry under high tax rates, leading to operational adjustments. Hikes Rush's decision to reduce its workforce highlights the sector's vulnerability to tax policies and the need for a balanced regulatory environment to support the growth of gaming startups. These cutbacks represent about 22 percent of the company's workforce
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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 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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GST From Online Gaming Jumped 5X To INR 1,349 Cr In The First 6 Months Of New Regime: FM
Inc42
·
11m 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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Online gaming companies to collect 28% on full bet value, offshore platforms to be GST registered from Oct 1
Economic Times
·
1y ago
Medial
From October 1, online gaming companies in India will charge 28% GST on the full value of bets, while offshore platforms will be required to have GST registration to operate in the country. The Central GST Act has been amended to treat online gaming, casinos, and horse racing as "actionable claims," similar to lottery and gambling, subjecting them to the 28% tax. The amendments also require offshore platforms to register in India and pay the applicable tax. However, the notification has raised concerns as several states are yet to pass amendments to their respective GST laws.
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Lok Sabha Approves 28% GST on Online Gaming
IndianStartupNews
·
1y ago
Medial
The Lok Sabha has approved a 28% GST on online gaming in India. The GST will apply to the full value of bets across online gaming, casinos, and horse racing. This move aims to regulate the booming online gaming secto.
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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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RIP India's real money gaming industry: Ashneer on 28% GST on online gaming
Twitter
·
2y ago
Medial
Ashneer Grover, the creator of the CrickPe fantasy sports app, expressed his dismay on Twitter regarding the newly imposed 28% GST on online gaming. He described the fantasy gaming industry as "murdered" by this development. Grover further explained that if players were required to contribute ₹100 with a ₹72 entry fee (inclusive of 28% GST) and won ₹54 (after deducting platform fees), they would still have to pay 30% TDS on their winnings, making the situation unfavorable.
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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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GST Council Likely To Retain 28% Tax On Online Gaming In June Meeting
Inc42
·
1y ago
Medial
Gaming startups in India, such as Gameskraft, Delta Corp, and Dream11, have been served notices to pay INR 1.12 lakh crore in GST. Last year, the GST Council imposed a 28% tax rate on online gaming at the entry level. The council is expected to review this decision in June, as the government's GST revenue from online gaming has increased significantly in the last six months. Despite earlier plans to regulate the sector, Prime Minister Narendra Modi recently mentioned that there is no need for regulations but emphasized the importance of organizing and legalizing online gaming.
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Tiger Global, ChrysCap, Peak XV ask govt to reconsider GST on online gaming
VCCircle
·
2y 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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