The Taiwan-based animation company specializes in game and character animation across human, mechanical, and animal characters, which Capcom wants to boost further. The main purpose of the acquisition is to enhance the studio’s technological and game developmental capabilities. To acquire the studio, Capcom had to pay $ 27,265 during the share purchase to make it a subsidiary company.

The acquiring company aims to achieve a goal of 100 units in annual sales and long-term management so that it wouldn’t be a lost deal. Since Minimum Studios had already worked on Resident Evil titles, they will be developing the characters for the upcoming game in the series Resident Evil 7’s. 

The director of the game is Koshi Nakanishi, who has not yet revealed anything about the content of the same. However, it is speculated and anticipated that this will be much bigger and better than Resident Evil Village.

Capcom only has two-thirds of the shares of Minimum Studios, and they have made it clear that they will continue to explore the acquisition for better gaming development. Currently, the company operates from Osaka and has offices in Japan, East Asia, North America, and Europe. Apart from Minimum Studios, the company also has other subsidiaries for game development, like Blue Harvest, K2, and 3D/ 2D CG studio Swordcanes.

• Keep following The Gaming Newz for all the latest gaming news from the world of games & more
• Instagram: https://www.instagram.com/thegamingnewz_official
• Facebook: https://www.facebook.com/thegamingnewzfb
• X: https://twitter.com/thegaming_newz
• LinkedIn: https://www.linkedin.com/company/the-gaming-newz

The post Capcom Acquires Taiwan-Based Animation Studio For Just $27,000 first appeared on The Gaming Newz.

However, the online gaming industry and casinos predicted a revision of the 28% GST rate but did not discuss it on that date. She announced many agendas, and legal advisory still remained due to lack of time. Also, she told reporters that the next meeting will be on a post-budget. 

The union finance ministers are also expected to seek input from state finance ministers on issues such as fertilizer tax exemption, pre-deposit of appeal under the GST tribunal, and others. However, she said there will be another meeting, hopefully in mid- or end-August.  

What Is The Rule Of GST On Real Money Gaming? 

The GST meeting last year implemented 28% on online real-money gaming and casinos, which is equal to the wager amount. However, this decision faced strong criticism from stakeholders in the gaming industry, including investors, developers, and gaming representatives. 

The communication was in writing, and they requested reconsideration of the tax rate’s implementation. They explained that the 50th GST council meeting, held on 11 July 2023, implemented the 28% GST on the online gaming industry, which came into force by October 1. 

With the new guidelines, a flat 28% GST is levied on the total value of bets placed on online games and casinos. The values are said to be applied to games of skill or chance. According to previous data, a total of 18% GST was levied on the specific amount that the platforms charged for skill-based games. 

Several online gaming startups implemented a new tax structure. These include Gameskraft and Dela Corp, where notices regarding tax payments were made in the amount of Rs. 1.12 lakh crore in GST. 

Hopefully, the next meeting will feature a discussion on the provisions of GST law that may require any amendments, and the next can be passed along with the Finance Act. Also, big ban reforms may be taken later, and GST demands on Retrospective claims may be discussed for better GST compliance.

• Keep following TheGamingNewz for the latest game news!
• Instagram: https://www.instagram.com/thegamingnewz_official
• Facebook: https://www.facebook.com/thegamingnewzfb
• X: https://twitter.com/thegaming_newz
• LinkedIn: https://www.linkedin.com/company/the-gaming-newz

The post GST Council Meeting Concludes With No Relief For Online Gaming Industry first appeared on The Gaming Newz.

The GST Council officially announced that the 53rd meeting of the GST council is scheduled to take place on June 22, 2024, in New Delhi. The previous meeting was conducted on October 7, 2023, chaired by the Union Finance Minister, Nirmala Sitharaman. 

The GST council will be holding the meeting for the first time since the NDA alliance returned to power for the third consecutive year. Nirmala Sitharaman continues in her role as Finance Minister for the second time since 2019. 

As per reports, she is preparing to present the final budget for FY25, which will outline the government’s priorities and direction for the coming years. The GST council will see new representatives from state governments following the recent election results from: Andhra Pradesh, Sikkim, Odisha, and Arunachal Pradesh. 

The 53rd meeting of the council is scheduled to take place before the first Parliamentary session of the 18th Lok Sabha, which commences on June 24. The specific agenda for the meeting has not been finalized yet and will be clarified in the upcoming days. Previously, the GST Council was slated to review the new tax regime for the real money gaming sector, effective from October 1, 2023. 

However, this review was postponed due to the general elections held in April and May 2024. The gaming industry, facing challenges from high taxes rates, is hopeful for a favorable outcome from the upcoming Council meeting.

A government official indicated in April that the council is likely to maintain the existing 28% GST rate on the face value of online gaming bets. Additionally, the council is expected to discuss the issue of tax dues, with a final hearing in July 2024.

Keep following TheGamingNewz.com for the latest updates from the world of gaming!

The post GST Council to Meet on June 22 To Discuss Taxation Issues   first appeared on The Gaming Newz.

This came following the decision by the Ministry of Electronics and Information Technology (MeitY) moving away from the idea of a self-regulatory body for online gaming; there are reports of MeitY establishing an independent regulator. According to reports, the regulator will only allow registered companies to offer e-gaming services in India. 

As reported by Economic Times, NLU assistant professor Raghav Pandey said that the institution is organizing multipart roundtable discussions to take ideas from several industry stakeholders about the e-gaming regulation. Mr. Pandey also revealed the reason behind Industry Stakeholders involvement in the regulations, as he said They want to maintain a balance between growth and regulations, which can only happen through the collaborative consultation processes involving industry stakeholders.

Previously, The Government of India has suggested the formation of multiple self-regulatory bodies (SRBs) for the gaming sector. These SRBs would have to determine which gaming companies are permissible and which are non-permissible in India. The plan was later dropped by MeitY as they thought SRBs might be unduly influenced by the major gaming entities, and could potentially compromise the independence. 

Real-money gaming companies like Dream11, Games24x7, Mobile Premier League, Deltatech Gaming, Nazara, and More companies are facing challenges which are negatively affecting their growth. There are numerous reports of some real money gaming companies scamming people, recent high taxation affecting company growth. Some gaming companies even push the government to regulate themselves, which is unique. 

Anurag Saxena, Chief operating officer of E-Gaming Federation, said “The online gaming industry in India is significantly contributing to the Indian economy.” He isn’t wrong, as the Indian e-gaming industry is currently a $3-billion-market, and 80% came from real-money gaming platforms. 

Mr. Saxena said the policies will be a win-win situation for both consumers and companies. The policies will promote responsible and sustainable growth of the e-gaming industry and also protect consumers, maintain ethical standards, and address societal concerns effectively. 

Keep following The Gaming Newz for all the latest gaming news from the world of games & more.

Instagram: https://www.instagram.com/thegamingnewz_official
Facebook: https://www.facebook.com/thegamingnewzfb
X: https://twitter.com/thegaming_newz
LinkedIn: https://www.linkedin.com/company/the-gaming-newz

The post NLU and EFG working on an Independent eGaming regulation first appeared on The Gaming Newz.