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BGMI maker Krafton India seeks govt support measures to promote online gaming

25Aug

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BGMI maker Krafton India seeks govt support measures to promote online gaming

[ad_1] Krafton India, makers of the popular online game BGMI, on Thursday pitched for government support measures to promote the online gaming industry in the country.Krafton India CEO Sean Hyunil Sohn highlighted subsidies given to gaming companies for labour costs by countries like the UAE and Canada and stated that innovative ways can be found to promote the industry in the country. "Data shows actually how governments around the world regard gaming business as one of the future growth drivers for job creation...we all know that India needs more tax revenue to develop the country, but at the same time, I hope that the Indian government can find creative ways to promote the industry," he said while addressing a CII event on digital gaming here. The GST Council has imposed a 28 per cen...

Some firms ‘gamed system’, masqueraded as gaming companies to run gambling biz: Chandrasekhar

[ad_1] Union minister Rajeev Chandrasekhar on Wednesday said some gaming companies "gamed the system", masqueraded as gaming companies to run gambling businesses or did not pay taxes at all in the past.In his comments at Express Adda Live event amid a row over the GST Council's decision to charge 28 per cent tax on online gaming, the Minister of State for Electronics and Information Technology reiterated that he will pitch for lowering the GST on permissible online gaming and has spoken to finance minister Nirmala Sitharaman about the same. Denying that the GST decision to be a "body blow" for the sector as it is made out to be, the entrepreneur-turned politician said there have been "bad actors" in online gaming and states who voted to levy the high GST are conditioned based on the ins...

India online gaming firms warn of ‘Devastating’ tax hike impact

[ad_1] More than 125 companies from India's nascent online gaming industry warned the government that the sector could face a massive loss of investments and jobs following a decision by the Goods and Services Tax Council to increase tax rates sharply.Earlier this week, the council imposed a levy of 28% at entry points on full face value for online gaming. It's a blow to an industry which caters to over 420 million Indians, a customer base bigger than the population of the US. Stocks of gaming firms such as Nazara Technologies Ltd. and Delta Corp Ltd. declined following the move. “This would potentially have devastating implications” including the shutdown of businesses for startups and small- and medium-sized enterprises, according to a letter signed by 127 Indian companies including N...