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GST) Council to impose a 28% tax on the entire entry fee rather than just the platform fee. Industry associations and companies argue that this move will not only restrict cash flow, but also diminish players’ motivation to participate on legitimate sites, driving them towards illegal offshore betting companies. An analysis by Mint reveals that while the tax on the entire entry fee may not directly impact the companies’ revenue from platform fees, it will lead to a smaller pool size and, subsequently, fewer players.

GST Council's decision to levy a 28% tax on online gaming is a huge blow to India's goal to become a USD 1 trillion digital economy by 2025, industry body IAMAI said on Wednesday. The Internet and Mobile Association of India (IAMAI), which represents internet based companies, said that the net effect of 28% GST (Goods and Services Tax) levy will result into around 1,000% increase in tax on the industry, cause irreversible damage to the USD 2.5 billion investments in the Indian online gaming startup ecosystem, and lead to a complete halt on any prospective foreign direct investment (FDI).

The year 2023 marks an important and significant milestone for Indo-French relations as both countries celebrate the 25th anniversary of their strategic partnership, which was signed in 1998. Indian Prime Minister Narendra Modi will visit France on 14 July, where he will be the Guest of Honour at the Bastille Day parade. France rarely invites a partner country on Bastille Day, making this visit particularly exceptional.

Police say a man was arrested and a woman described as his hostage was released unharmed after an hourslong standoff in a room at the Caesars Palace resort on the Las Vegas Strip

With an 11 p.m. arrival and predawn departure, I didn’t need much from my $146-a-night Hyatt Place by the airport. Well, except for a glass of wine to take to my room.

Negotiators trying to hammer out a global deal to change how and where large technology companies are taxed failed to reach an agreement this week, but participants said they are close enough for now to avert a damaging alternative: a new trade war between the U.S. and Europe. Meeting on Monday and Tuesday in Paris, tax officials from 143 jurisdictions had hoped to seal an agreement on a new way to dividethe taxes levied on the profits of about100 of the world’s biggest companies.

 In today's world, loyalty is seen as a long-term relationship with customers, not just a program. Companies are upgrading to meet the changing needs of consumers and build trust in their brand.

The SAYA Group, NCR’s leading real estate developer, has introduced ‘Biztop’ Business Suites, featuring fully-furnished studio apartments at its project SAYA South X, Greater Noida West’s prominent commercial destination. Built from 7th to 25th floor with sleek design with modern amenities, the development is set to be carried out with an investment of approximately Rs 100 crore.

Hillsborough County officials said that they received a call at around 4:30 p.m. about the sinkhole reopening and fire crews, along with deputies, were called out to the site. The hole is located on a county conservation property at 240 Faithway Drive in Seffner.

The online gaming industry has been one of the fastest growing sectors and contributing towards India’s economic growth by attracting investment into the country and also in terms of generating employment. India is in the phase of becoming the largest online gaming market in terms of volume of users.

₹680.50 apiece, down by ₹26 or 3.68% on NSE. In the early deals, Nazara's stock did tumble by at least ₹100.25 or 14.2% by hitting an intraday low of ₹606.25 apiece. That being said, Nazara's stock has recovered major losses that were recorded in the early trade of Wednesday.

«Any industry in the world that can operate at 28% that is a question that you need to ask yourself, which industry and here what is happening when two people contribute Rs 100 each, literally instantly Rs 56 is taken away from the pool, there is no business in the world that gives you the ability to pay out Rs 56 on 200 or 28% in minute one and yet be productive or yet be able to operate in any manner, shape or form,» says N Jayakumar, MD, Prime Securities.I am just taking a leaf from what Ashneer Grover actually tweeted saying RIP, he is saying real gaming industry if the government is thinking people will put in 100 to play on 70 pot entry it is game over for the gaming industry. What are your thoughts on the same?I think it is a pretty straightforward thing that earlier on what used to happen just to put this in the context of the current practice was that if two persons, should I say put in Rs 100 each in order to play a game, on their winnings the platform would actually pay out 18% as GST which means that if the platform earned 15% on 200 which was say Rs 30 and on Rs 30 they would end up paying 18% which is 5.4 as GST.

power ministry has proposed a scheme with an initial outlay of around ₹16,000 crore to financially support new hydropower projects, people in the know said. The financial support will envisage enabling infrastructure and grant for the north-eastern states to pick stakes in such projects, they said. The scheme will be part of the broader hydropower policy that has already been sent to the Cabinet for approval last month, one of the people said.

Nirmala Sitharaman on Tuesday said that the GST Council has decided to impose 28% tax on the turnover of online gaming, horse racing and casinos on full face value. The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming. The issue before the GoM (group of ministers) was whether to impose a 28 per cent GST on the face value of bets, or gross gaming revenue, or just on platform fees.

GST Council Tuesday said it would impose a 28% tax on funds that online gaming companies collect from their customers, which could lead to higher ticket prices. Finance Minister Nirmala Sitharaman, who chairs the goods and services tax (GST) council, comprising state finance ministers, said the decision to tax online gaming was reached after extensive discussion. The Finance Minister said the tax will be levied on the entire value.

Online gaming industry stakeholders on Tuesday termed the 28% GST on the full value of gaming as «unconstitutional, irrational and egregious», saying that the move is a self goal that will kill the skilled online gaming sector in the country. The 50th GST Council has announced its decision to levy a 28% GST on online gaming, along with horse racing and casinos which comes as a drawback to online gaming companies. The GST will be applicable to gross revenue/total prize pool.

₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that - for which they will get free swimming pool in their living room come the first monsoon - not happening ! It was good fun being part of the fantasy gaming industry - which stands murdered now. $10 Bn down the drain in this monsoon.

OpenAI - the AI startup behind the viral chatbot ChatGPT - co-founded AltC Acquisition Corp, with Churchill Capital in July 2021, and has served as its CEO and chairman of Oklo. The deal comes as climate awareness and investor interest in sustainable business practices have surged with money managers looking to factor in environmental social governance (ESG) policies, according to the report.

₹1.97 trillion, Industrial Corridor Development Programme and National Logistics Policy, among others, have been successful in achieving their respective goals. The fact that rapid growth in services preceded quick expansion of India’s manufacturing sector, unlike what tends to be the case in most other countries, is an oft-repeated observation. Given this scenario, India’s vigorous manufacturing push is timely and well needed.

The fate of the Indian online skill-gaming industry is likely to be decided at the upcoming 50th GST Council meeting on July 11. The government has recognised online skill-based gaming as a promising sector and has also provided support in the form of favourable policies. The Ministry of Electronics and Information Technology (MeiTy) has introduced the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 (IT Rules), providing regulatory clarity and a boost to the sector. The contribution of the online skill-based gaming sector to the Indian economy cannot be overstated.

GST Council meeting, the E gamers Players Welfare Association (EPWA) has shared a report on the booming industry of virtual games as the Group of Ministers on Tuesday is likely to include online gaming under the ambit of 28% GST slab. The GST Council has proposed to levy GST at 28% on total money deposited by the players to a gaming company as against the GST rate of 18% levied only on the platform fee. Against this backdrop, the EPWA director and Tech Policy lawyer Shivani Jha told Mint, "We hope that the council of ministers will take equitable steps to ensure an increased GST doesn’t discourage players from playing altogether.