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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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Related News
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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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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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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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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Online Gaming GST Row: SC Stays ₹5,712-Crore Demand Against Paytm’s First Games
OutlookIndia
·
2m ago
Medial
The Supreme Court has stayed a ₹5,712-crore GST demand against Paytm's First Games, a real-money gaming platform. This dispute involves the classification and taxation of real-money gambling platforms under GST, impacting the broader online gaming industry. First Games challenged a retrospective GST notice, seeking relief on the GST rate applied to platform fees versus total bets. The issue highlights ongoing controversies about GST categorization and taxation in the Indian online gaming sector.
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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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Online gaming companies to slow spends during cricket world cup
Economic Times
·
1y ago
Medial
The online gaming industry, particularly the fantasy sports segment, is expected to reduce spending during the upcoming cricket ICC Men's World Cup due to the impact of the amended goods and services tax (GST) law. The law, which will be effective from October 1, will subject online real money gaming companies to a 28% levy on the full face value. This is causing industry executives and media planners to hold back on spending for the event.
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Real Money Gaming Key Revenue Driver In India’s Gaming Industry : Report
Inc42
·
1y ago
Medial
In FY22, real money gaming (RMG) accounted for 83-84% of the total revenue in the Indian gaming industry. Despite regulatory hurdles, the RMG sector attracts around 100 million online gamers daily, with 90 million of them paying to play. On average, users spend 8.5 hours per week on gaming. Additionally, the GST Council's decision to charge a 28% tax on entry fees has resulted in increased tax expenses for gaming startups.
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28% GST On Gaming: SC Schedules Final Hearing On July 25
Inc42
·
23d ago
Medial
The Supreme Court of India will hold a final hearing on July 25 concerning GST evasion allegations totalling INR 1.12 Lakh Cr against online gaming companies. These companies argue that the 28% GST on real money games is flawed and lacks legal basis since Rule 31A of the GST Rules did not comply with mandatory processes. The gaming platforms claim retrospective GST notices and unclear provisions violate tax principles, seeking revocation of these notices.
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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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