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Budget 2023 boosts digitisation and formalisation of gaming sector: AVGC sector experts
Experts and industry leaders in the AVGC (animation, visual effects, gaming and comic) industry praised the Union Budget 2023-24 as beneficial for the industry. Measures such as the clarification in the applicability of TDS only on the “net winnings”, and that too at the end of the year or during withdrawal, were particularly hailed as significant for the industry.
Bharat Patel, Chairman and Director, Yudiz Solutions Ltd, said, “Considering how fast India’s economy is adapting to modern technologies, the budget surely emphasizes the ‘Amrit Kaal’, mentioned by our Hon’ble Prime Minister. We at Yudiz are particularly thrilled that the government has recognised the potential of the gaming industry, and has taken steps in this budget towards fairer recognition of incomes from gaming. It is a positive move that the government has clarified that taxes will be applicable on net winnings, and not on aggregate winnings. We’re also grateful that Hon’ble Finance Minister FM Nirmala Sitharaman has said that the government will issue more clarity on the taxability of online gaming, and ease the tax burden. Proactive measures such as these can unleash the brimming gaming potential of India.”
Jay Sayta, technology and gaming lawyer, struck a more cautious note and said that while the measures are appreciated, more clarity was awaited on the calculation of net winnings.
“The budget and Finance Bill, 2023 has provided important clarity on applicability of TDS for winnings on online gaming platforms that the industry was seeking. It is a welcome step that the concept of ‘net winnings’ has been recognised in the Income Tax Act for online games and TDS only has to be deducted at the end of the financial year or at the time of withdrawal from the user account,” said Mr. Sayta. “However, the manner in which net winnings are supposed to be calculated and the set-offs that may be permitted before calculating such net winnings are left to be clarified by the CBDT through rules/guidelines. Hopefully, the CBDT will soon provide guidance on the manner in which net winnings have to be calculated.”
The new rules also bring parity between online gaming avenues such as apps and offline gaming avenues such as casinos.
Other measures such as the relief in customs duty for import of critical smartphone parts such as lenses and batteries will help stabilize smartphone prices, and help more Indians access mobile technologies and games. The raising of the minimum taxable slab from Rs.5 lakh to Rs.7 lakh under the new tax regime will also indirectly help the industry, as it increases disposable income available to consumers.
Experts also praised the overall support given to the startups in the form of the proposed National Data Governance Policy which will help start-ups access anonymised data, and providing the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.
Suraj Chokani, Founder, Ability Games, said, “It is an excellent budget from every aspect, from our point of view. The FM spoke about 7 major thrusts in the budget, calling it Saptrishi, out of which the 6th pointer spoke about new-age technologies. Recognizing such new age tech in itself is a big boost to the industry as a whole and shows the forward looking character of the Government. Focus on MSME and Startups is also a welcome step from our perspective and will help us go a long way. Overall we are very happy and satisfied with such an inclusive Budget.”
Globally, the AVGC industry was valued at $168 billion in 2021, while the Indian AVGC industry was valued at $1.1 billion, a 28% growth over the previous year, according a report by the AVGC task force. The sector has plenty of room for growth, and the government’s recent decisions such as the proposed self-regulation of the online gaming industry and appointment of MeITY as the nodal Ministry will help boost the sector’s growth.
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Eagerly anticipated release now confirmed following a highly successful exclusivity period with Rush Street Interactive
Play’n GO has today announced the official US release of its hit title Colt Lightning Firestorm, following a three-week period of exclusivity with Rush Street Interactive brands BetRivers and SugarHouse.
Colt Lightning Firestorm was released in Europe and other jurisdictions in May 2024, and its release in the US comes with much fanfare following the game’s rave reviews in its short exclusivity period. The game is a sequel to the wildly popular Colt Lightning game which was released early last year, and indications at this stage suggest that this sequel may prove even more successful.
This announcement sees Colt Lightning Firestorm available to players in each state and operator with whom Play’n GO is licensed. Play’n GO first entered the online casino market in the US in 2022, and has reiterated its commitment to becoming active in every regulated market around the world.
Magnus Olsson, Chief Commercial Officer at Play’n GO said: “We’re excited to unveil Colt Lightning Firestorm to the wider online casino gaming community in the US, and have been very pleased to see its strong performance during its exclusivity period with Rush Street Interactive. We had high hopes for the game following the success of its predecessor, and we’re confident that these robust results will continue now that the game is available to an even bigger audience.”
Esports entertainment company BLAST has announced plans to host two popular esports events in Singapore in 2024 and 2025.
BLAST will bring both world-class Counter-Strike and Dota 2 tournaments to the heart of Southeast Asia, marking a major step in Singapore’s emergence as an esports and gaming hub. Supported by the Singapore Tourism Board (STB), these high-profile events will bring the world’s best esports teams and players from all across the world to compete in Singapore.
BLAST has teamed up with AEG Presents Asia, one of the world’s largest live entertainment entities to bring these events to Singapore. The partnership forms part of BLAST’s ambition to create the best esports experiences by working closely with premier destinations and the biggest and best live entertainment partners.
More than half of global esports views (57%) are estimated to come from the Asia Pacific region, 47% more than any other region in the world with the global market valued at $1.6 billion.
By bringing the top-tier Counter-Strike and Dota 2 tournaments to Singapore, BLAST aims
to attract global esports talent, foster local growth, and elevate Singapore’s status as a destination for world-class esports entertainment.
James Woollard, Director of Market Development at BLAST, said: “We are incredibly excited to bring two of the biggest esports titles to this vibrant destination. Over the coming 18 months, Singapore will become a major hub for esports in Southeast Asia, and with the support of the Singapore Tourism Board, we look forward to delivering unforgettable experiences for fans while helping to build a thriving esports ecosystem in the region. Bringing the first BLAST arena event to Singapore is an exciting first step in this journey. The World Final will see the world’s best Counter-Strike players and teams fighting for a $1,000,000 total prize pool.”
Ms Ong Ling Lee, Executive Director, Sports and Wellness, Singapore Tourism Board, said, “We are excited to host the BLAST Premier World Final and the BLAST Dota Slam in Singapore. The Counter-Strike event marks the first BLAST-branded event in Southeast Asia and the inaugural Counter-Strike tournament series in the region, solidifying Singapore’s position as a world-class esports destination. We are confident that the international participants and their legions of fans will have a memorable experience in Singapore, immersing themselves in the diverse and dynamic offerings of our city.”
The World Final 2024 will take place from 30th October – 3rd November and will be the first BLAST event to take place in Singapore, followed by the BLAST Dota Slam in 2025. The World Final will be the biggest Counter-Strike event to take place in Singapore, where the world’s best eight Counter-Strike teams will compete for a massive prize pool of $1,000,000 and the chance to claim bragging rights as the best team around.
Qualified World Final teams: NAVI, Team Spirit, Team Vitality, FaZe Clan and G2 Esports.
Fans can sign-up for the pre-sale window by registering with BLAST.tv, where they will also receive updates and information on tickets.
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