Tag: gaming

Explained: Into real money games? This is how 28 percent GST will impact you

According to Dua, while initial concerns remain regarding the regulations, cautious optimism is emerging. Data is being analyzed by officials to understand the impact on businesses and consumers. This, along with the Finance Minister's commitment to review, fuels hope for a potential revision that fosters continued industry growth.(Representative image via Unsplash)

The 28 percent GST will have a significant impact on paying users, who make up a large portion of the real money gaming industry in India.

Gameskraft, Nazara, MPL, AIGF and others request govt to reconsider 28% GST on real-money gaming

On the other end of the spectrum, larger players are grappling with losses by implementing as much as 50 percent reductions in marketing expenditures. This is only the beginning, said experts, adding, there will be more pink slips, restructurings and shutdowns. (Representative Image: Michał Parzuchowski via Unsplash)

The GST Council’s decision will “reverse the growth trajectory” of the industry and would potentially have “devastating implications” for MSMEs and startups, founders and industry associations say.

Taxing online gaming to the point of unviability, ‘contradicts Digital India vision’: 130 gaming entrepreneurs in open letter to govt

Mobile Premier League announced 350 layoffs, Rush Gaming Universal let go of 55 people, Spartan poker fired 125 people and real money gaming platform Fantok suspended operations.

Close to 130 entrepreneurs in the gaming space have joined forces to address the recent 28% GST announcement made by Finance Minister Nirmala Sitharaman.

RIP – Real money gaming industry in India: Ashneer Grover

Grover who recently launched his own fantasy gaming app Crickpe put out a tweet that said, ‘It was good fun being part of the fantasy gaming industry - which stands murdered now’ (Image source: News18)

The 50th GST Council meeting on Tuesday agreed to tax online gaming at the rate of 28 percent on full face value amount at par with horse racing and casino

GST Impact: 28% tax threatens grey market surge and stifles industry growth, stakeholders raise concerns

India's sizable youth population is identified as a driving force behind the gaming sector's growth, with India and China collectively contributing to 50% of the world's data traffic.(Representative Image: Onur Binay via Unsplash)

Stakeholders urge the government to re-evaluate the decision to make taxes in online gaming in line with the international best practices

GST Council imposes 28% tax on online gaming, horse racing and casinos

Structural shifts toward a higher propensity to pay for in-game features and the burgeoning popularity of casual and midcore games are poised to play pivotal roles in shaping the landscape by FY28. (Representative Image via Unsplash)

It remains to be seen how the decision will impact the gaming industry in India.

BGMI’s return sparks brand partnerships, sponsorships and revenue surge in India’s gaming landscape

Games like BGMI offer brands an opportunity to engage with Millennials and Gen Z. Brands can monetise through in-game ads, sponsorships, merchandise sales and create immersive experiences too. (Represengtative image: Glenn Carstens-Peters via Unsplash)

Experts foresee a 40 percent rise in overall cash flow for the gaming industry in coming days.

Fantasy sports made Rs 2,800 crore in gross revenue during IPL 2023: Redseer

Hotstar, once proud of its impressive milestone of 150 million monthly active users, was experiencing continuous growth, largely driven by its exclusive streaming rights to the Indian Premier League (IPL). However, this growing user base turned into a significant challenge when Hotstar lost the streaming rights of IPL to Reliance's JioCinema.

The report also highlighted that a total of Rs 10,000 crore was spent on advertisements during the IPL 2023.