The finance ministry on Wednesday notified the way deposits made to online gaming platforms and casinos will be treated for tax purposes, clarifying that refunds made to the player will not get any relief on tax. The changes are introduced by amending CGST rules 2017, by way of CGST (Third Amendment) Rules, 2023, which are … Read more
Nazara has made a preferential allotment to Nikhil Kamath (Zerodha co-founder). Allotment is for Rs 100 cr @ Rs 714/ per share (pre announcement market price was Rs 759.55/ share) Nikhil controlled entities already had a stake of around 1% in the Company and this deal will increase his stake to around 3.5%. He has … Read more
The Union cabinet on Wednesday cleared legislative changes needed to implement the GST Council’s decision to ensure that 28% GST is paid on the full value of amounts deposited by players for betting on online games, casinos and horse races, three people familiar with the development said. The cabinet clearance to the bill enables the … Read more
Ruling out any change in the proposed 28% GST on online gaming and casinos, government sources said it is prudent to stick to levying tax on the gross value as any other method comes with complications in businesses that lack transparency. The gaming industry has been seeking a review of last month’s GST Council decision, … Read more
Netflix launched its video game streaming service in November 2021, investing in mobile app games. The streaming giant has since purchased multiple development studios and increased gaming-focused staff. The pivot to interactive streaming comes as Netflix’s growth has slowed to single digits. As Netflix chases younger audiences and grapples with keeping its current subscribers content, … Read more
Taking action against the Tamil Nadu government’s ban on online gaming, the E-gaming Federation (EGF) is set to challenge the new law citing that it categorizes rummy and poker as games of chance. In a statement, Sameer Barde, CEO of EGF, said: “After examining the Ordinance, we have decided to file a lawsuit as it categorises … Read more
The ministry of information and broadcasting issued two advisories, for private television channels and digital news publishers and OTT platforms on Monday, asking them to refrain from showing advertisements, including surrogate ads, of online betting sites, calling them a significant financial and socio-economic risk for consumers. The ministry has said that online offshore betting platforms … Read more
Jio is investing $200 mn into Glance. Key points to note – Glance, founded in 2019 is a subsidiary of inmobi. Glance has two platforms: Roposo – creator led live entertainment commerce Glance – live entertainment, commerce and gaming on mobile lock screen For it’s investment, Jio willl get about 17% stake in Glance, implying … Read more
Nazara plans to acquire 55% of Dataworkz, a digital advertising company. Key points to note – Dataworkz was founded in 2013 by Senthil Govindan, an IIM Ahmedabad Alumnus. For the calendar year 2021, it reported Revenues of Rs 90.7 Cr and EBIDTA of Rs 11 crore. As the net profit number is not disclosed, very … Read more