Listen To The Article
The 8.61-acre plot of property is situated in Gurugram’s Balola village. Gameskraft paid ₹6.3 crore in stamp duty for the transaction, according to the records.
Online gaming business Gameskraft Technologies Private Limited, located in Bengaluru, paid ₹90 crore to purchase an 8.61-acre plot of property in Gurugram, Haryana, according to records obtained by Propstack.
The property was identified in the records as agricultural land. The selling agreement was entered into on March 11, 2024. According to the paperwork, the corporation had to pay ₹6.3 crore in stamp duty for the transaction.
Gameskraft Buys Office Premises In Bengaluru For 129.99 Crore
The business verified the agreement. The corporation acknowledged that, as part of its larger humanitarian endeavors, it had purchased property for the construction of an educational center.
The firm runs many gaming brands, such as the social rummy app Playship, the online poker game Pocket52, and the online rummy platform Rummyculture.
A GST intelligence unit served the online gaming company with a showcause notice in 2022, claiming that it had neglected to pay ₹21000 crore in taxes.
The online gaming company then disputed the showcause notice in court, which ultimately resulted in its quashing. The GST department’s revenue intelligence section subsequently filed an appeal with the Supreme Court against the ruling.
The firm paid ₹129.99 crore in 2021 to purchase office premises in Bengaluru.
Rapidly growing Online Gaming Market
In a report titled “New Frontiers Navigating the Evolving Landscape for Online Gaming in India,” EY claims that the nation has the second-largest gaming community in the world, with 42.5 crore members.
The industry has the ability to increase employment, FDI inflows, and investments across a range of industries. Auxiliary industries like fintech, cloud services, data analytics, and cybersecurity will also be stimulated by it.
The online gaming market in India grew at a noteworthy rate of 28% between FY20 and FY23. According to industry forecasts, it will grow at a 15% CAGR to reach ₹33,243 crores in FY28E.
Online Gaming Platforms Are Rethinking Their Business Strategies
According to the EY analysis, it now employs about one lakh people directly and indirectly, and by 2025, there might be a potential growth to 250,000 jobs.
Amendments to the GST statutes were approved during the 51st GST council meeting in August 2023, stating that “actionable claims” provided by RMG platforms will be subject to 28% tax on the entire face value of deposits.
Smartphones Become The Most Popular Device Among Online Gamers
According to the EY analysis, online gaming platforms are rethinking their business strategies and operational models in light of the GST adjustments in order to maintain operations and spur development.
According to a previous KPMG analysis, COVID-19 was the game’s symbolic tipping point in terms of Indian gamers’ consumption.
Mobile phones and smartphones are the most popular device among online gamers, according to the KPMG survey, which stated that India is still a mobile-first gaming industry. This is because they are more affordable than consoles and provide more flexibility in terms of “anytime, anywhere” use.
Source-HT
