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Tiger Global, Peak XV and Steadview Capital are among 30 foreign and domestic investors asking Indian Prime Minister Narendra Modi to review a 28 percent gaming tax, saying the levy would adversely impact $4 billion (roughly Rs. 32,811 crore) in prospective investments, a letter showed.India last week announced the tax on the funds that online gaming companies collect from their customers. Games such as fantasy cricket have become increasingly popular in recent years, but have also raised concerns about addiction among…

Online gaming companies will be required to deduct taxes at source if players claim their net winnings, including bonuses or incentives, according to guidelines issued by the Central Board of Direct Taxes.However, bonuses or incentives will not be taxed if they are not claimed or withdrawn, the agency said.Net winnings will be calculated by subtracting the amount withdrawn by a customer from the sum total of deposits in the account and opening balance at the beginning of the year.The net winnings of a player on online…

Sequoia Capital-funded Mobile Premier League (MPL) was among the first few gaming startups that began blocking access to users in the Indian state of Karnataka on Wednesday following a ban on online gaming.The law, which came into effect late on Tuesday, bans online games involving betting and wagering, and "any act or risking money, or otherwise on the unknown result of an event including on a game of skill."The latest ban has intensified concerns that growing state regulations could hit the nascent but booming gaming…

To reduce worries of money laundering, uncertainty in the skill gaming sector, the Centre is reportedly considering a proposal to create a regulator to stimulate investment and protect player interests. It is learnt that the industry is also in favour of such a move. According to a recent report, people familiar with the matter said while the government is considering possibilities for regulating such organisations, it is of the opinion that the task should not be entrusted to any financial sector regulator because the…