In April this year, the Ministry of Electronics and Information Technology (MeitY) notified the latest rules for online gaming, putting in place a regulatory framework for an industry that has often complained of unfair treatment due to a lack of clarity over what can be interpreted as legal. Coming amid increasing instances of edgy state governments rushing to either ban online gaming or penalise companies, this clarity can also be the much-needed shot in the arm for the industry and coax hitherto wary investors to shed some of their inhibitions.
Last month, the Karnataka High Court quashed a show cause notice issued to online gaming company Gameskraft Technologies by the Directorate General of GST Intelligence (DGGI) after the tax body found users placing bets on the company's gaming platforms like Rummy Culture, Rummy Platform and Rummy Partner. The DGGI estimated the total value of bets on these "games of chance" between 2017 and 2022 at Rs 77,000 crore, and levied a 28% tax on the company. The penalty charges ballooned to a whopping Rs 21,000 crore. The startup contested this levy, claiming that it went against the legally accepted distinction between "games of skill" and "games of chance". Games of chance attract 18% GST.
Diving into Definitions
In the past, the country's courts held that a game of skill could be differentiated from a game of chance based on the predominance of skill or chance in the activity involved.
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Denne historien er fra June 2023-utgaven av Outlook Business.
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Adani After Hindenburg 2.0
In the days following Hindenburg's second shot at Gautam Adani, this time with Sebi chief Madhabi Puri Buch in the mix, Adani stocks held steady. But the trust of institutional investors remains to be regained
Where Are The Jobs?
India is staring at a crisis: the cohort of unemployed is growing. But the problem is deeper than mere lack of jobs. So Sitharaman's solutions in Budget 2024 will not be the silver bullet for the crisis
'STAINLESS STEEL SECTOR PROJECTED TO GROW AT 8-9%"
Stainless steel, known for its resistance to corrosion, recyclability and strength, has found its applications across sectors-from kitchen utensils to towering skyscrapers. Abhyuday Jindal, MD, Jindal Stainless discusses five drivers of growth in the stainless-steel sector of India
Harnessing Technology for India's Sporting Future: Insights from IITM
We wanted to bring the rigour of IIT Madras to revolutionise the field of sports as well. We wanted to use the core strengths of IIT Madras - high quality research and development as well as teaching.
Dream11: Driving Fan Engagement and Innovation
Dream11, founded by sports enthusiasts Harsh Jain and Bhavit Sheth, has grown into the world's largest fantasy sports platform by focusing on personalisation, innovation, and a deep understanding of user needs. In an exclusive interview with Outlook Business, Rahul Mirchandani, Chief Product Officer at Dream11 & Dream Sports, speaks about the company's unique approach to product development and user engagement. With over 220 million users, Dream11 emphasises personalisation, user engagement, and cutting-edge technology.
Sports Science Holds The Key to Olympic Wins
Director-in-charge and Head of National Centre for Sports Science and Research (NCSSR) Dr. Bibhu Kalyan Nayak speaks to Outlook on the importance of sports science in modern-day sports training.
Baller Athletik: Pioneering the Future of Sportswear Technology
How Baller Athletik is enhancing athletic performance and recovery with simple, yet powerful wearable tech.
Integrating Technology and Hands-on Training: The Future of Sports Education in India
The first-ever Sports Tech Conclave in India highlighted the importance of combining e-learning with practical experience to shape the future of sports education.
PASSING ON THE LEGACY
It is hard to achieve worklife balance if you are running a family business. For George Alexander Muthoot, managing director of Muthoot Finance, board meetings are the way to spend time with family
Pioneering a Sports Revolution: A Deep Dive into SFA's Vision and Impact on Indian Youth
In an exclusive conversation, the founders of Sports For All (SFA) share their journey of transforming grassroots sports in India. Rishikesh Joshi, a national-level swimmer, and his co-founder Vishwas Choksi, driven by their shared passion for sports, launched SFA with the vision of making sports accessible and enjoyable for every child in the country. From leveraging cutting-edge technology to ensuring inclusivity, SFA is not just nurturing future champions but also revolutionizing the sports landscape in India. This discussion delves into their inspiration, the rapid growth of SFA, and their ambitious goals for the future, shedding light on how they are shaping the next generation of Indian athletes.
