Confident that GST issues will be resolved soon, says E-Gaming Federation chief

The E-Gaming Federation (EGF), a self-regulatory body for the online gaming industry, is confident that issues around the recent GST changes which increased companies’ tax burden will be resolved soon. The federation’s CEO, Anuraag Saxena, said he was optimistic about ongoing discussions between the federation and government stakeholders looking to address these concerns. Saxena said … Read more

Deposit refunds by casinos, online gaming sites taxable

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

Nikhil Kamath adds onto the stake in Nazara. May add more in future.

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

Cabinet okays GST changes to betting on online games

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

28% GST on e-gaming, casinos is here to stay

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 Sets Sights on Video Games for Next Chapter As Growth Slows

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

Federation to challenge the ban on online gaming

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

I&B ministry prohibits online betting ads and surrogates on TV, digital platform

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