Archive: June 30, 2022

The Highest GST Slab is an Impediment to the Nascent Online Gaming Industry

India, June 30^th 2022: The 47^th GST Council meeting took place in Chandigarh for its first session on June 28 and the second session was scheduled for June 29. The GoM (Group of Ministers) report was one of the important reports on the agenda for the discussion. The GST Council on deferred the decision on imposing 28% goods and services tax (GST) on casinos, online gaming, and lottery.

The Group of Ministers (GoM), formed under the orders of the GST Council, will submit the report on the issue after 15 days. The decision has been deferred because there are issues that need to be discussed. Hence, the GoM led by Meghalaya Chief Minister Conrad Sangma has been given another 15 days to work on the issues.

Mr. Roland Lander, CEO – The All India Gaming Federation said, “At one level the sector is very upbeat at the prospect of contributing towards growth of the Indian economy. We are very enthused and grateful for the encouragement shown by the government, through formation of AVGC task force, constitution of inter-ministerial task force and the recent initiatives by MeITY to engage with the industry. But all this will amount to nothing, if it is not supported by a progressive taxation regime. An increased tax rate, and then levying the tax on the entire contest entry amount (instead of GGR), will be catastrophic for the industry, even nipping its potential in the bud,”

The online gaming industry in India is a sunshine sector and is currently estimated at 930 million USD with an annual CAGR of 22 percent making the industry the second-largest online gaming market. As per the EY-FICCI report, online gaming will continue to grow and reach 500 million gamers by 2025 to become the fourth largest segment of the Indian M&E sector.

Commenting on the ongoing discussion on the central government’s proposal of blanket 28% GST on the online gaming industry, Mr. Ankur Singh, CEO and Founder, Witzeal Technologies,said, “The online gaming sector is at a nascent stage and has a promising potential to evolve further and contribute hugely to the overall economy of our nation. Hon’ble Finance Minister Ms. Nirmala Sitharaman in her budget speech also recognized this potential and cited that the AVGC sector will provide numerous employment opportunities especially for young people and announced the Center’s decision to establish an AVGC promotion task force.

With such progressive steps being taken, the recent discussions on the GST proposal on the gaming industry feels like a step-back and drastic. Today, the online gaming industry encompasses above thousand start-ups with a promising outlook and hence it becomes crucial to have the tax slab at a reasonable rate that boosts the confidence of entrepreneurs and aspiring leaders of this ecosystem. The industry also has been gaining traction in the country and has been cumulatively contributing to the economy of our nation, attracting Foreign Direct Investment (FDI) and generating direct and indirect employment opportunities.

We believe that a consultative approach with industry stakeholders would create a consensus-driven proposal that would enable the government to view it from the standpoint of reforming and boosting the gaming industry. The government’s decisions and support will determine the growth trajectory of the stakeholders and the nation as a whole. Having said that, we hope for a fair GST rate and government’s support in order to foster the long-term growth and sustainability of the industry and its ability to compete globally.” Mr. Singh further added.

The GoM had suggested that in the case of online gaming, the activities should be taxed at a rate of 28% on the total value of the consideration, which includes the entry fee for a contest that the player has paid to participate in such games. Additionally, it suggested that the 28 percent GST rate be applied to all games of skill and chance without exception.

Indian Footwear startup Bacca Bucci initiates dealing with design related challenges using Artificial Intelligence

New Delhi, June 30^th, 2022: Aligned with the vision of Make in India and making India a leader in the global footwear industry, homegrown brand Bacca Bucci is leveraging innovation, digital-first and region-centric approach to position India as a global leader in the footwear industry. Keeping its focus centralised around technology and quality, the company is fully aware of the potential of India to disrupt the global market of high-end footwear. With technology, the brand is eliminating size-related challenges by checking on various Indian feet type and sizes. Also, it uses data analytics to study customer feedback and make changes where relevant. It is dealing with design-related challenges with the help of AI. This technology gives the brand insights to forecast the upcoming trends, colours, and choices. Based on the outcomes, their designers are able to decide the new launches. Also, by introducing various modes of payments including BNPL (Buy-Now-Pay-Later), they are solving the transaction-related woes of the customers.

“Gone are the days when overseas nations were considered as the only supplier of quality footwear. India has very much arrived to disrupt the global market. We are a strong advocate of ‘Make in India’. We believe that there is nothing that can’t be achieved in India to make quality footwear. We are working to introduce Made in India innovations and tech in our products good enough to cater to the quintessentially stylish people of today who are personality & trend-conscious. Make in India is a great initiative of our honourable PM which could be achieved only if we come together. This will further boost small businesses and will eventually create job opportunities, “ said Natwar Agarwal – Founder – Bacca Bucci.

Firmly conscious and working towards the Prime Minister’s Make in India vision, Bacca Bucci will soon be launching its music video to spread the message of valuing indigenous brands. The digital-first brand works on three main pillars – constant introduction of challenging designs (variety), ensuring enduring comfort (quality), and sourcing material direct from the manufacturers (cost leadership).

Anuj Nevatia – Co-Founder added, ” We have seen tremendous growth over last year and we target to close current FY 22-23 at 100% YoY. Needless to add, we have served more than five million Gen Z and millennials owing to our steadfast commitment to these tenets. We have something for everyone, each product being region-centric. For instance, snow boots that are relevant in Kashmir/Northeast, high-end fashion pop colour sneakers for urban customers, sandals and sports shoes for plus-size feet usually in the southern part of India.”

Bacca Bucci aims to continue to grow as one of the best and oldest D2C brands in India. Having registered a pan-India presence, it is now eyeing big expansion overseas, starting with baccabucci.ae in UAE, and some other nations. The brand also takes pride in being an environment-conscious brand, doing its bit to create sustainable products.  It would soon be launching styles that will be made of completely recycled plastics and rubbers. Meanwhile, they have already started the process to stop using single-use plastics for packaging, and hope to be a 100 percent single-use plastic-free brand by December 2022.

Evolve your Instincts with T-Rex 2 launching in India on 2nd July

Amazfit, the leading smart wearable brand in India is all set to bring the most certified Military rugged outdoor smartwatch T-Rex 2 to India on 2nd July 2022. Amazfit T-Rex 2 will be available for all their customers at 15,999/- INR  on Amazon and Amazfit’s official website (in.amazfit.com) for online. As for offline, it will be firstly available with Helios from the launch day i.e., starting from 2nd July onwards.

Amazfit T-Rex 2 – Evolve Your Instinct

Amazfit T-Rex 2 is considered to be the most affordable Military Certified Rugged Outdoor Smartwatch. Having passed 15 military-grade standards (MIL-STD-810G). Under this, the smartwatch is made to T-Rex 2 to withstand Extreme Temperature and environmental conditions from 70C heat to -40 cold along with 240 Hrs of humidity, 96 Hrs of Salt spray and many more.

The smartwatch is packed with 150+ sports modes including the toughness testing Triathlon mode, the professional lap data recording, and the more leisurely Golf swing mode. Whatever activity gets you going, you’ll likely find it on the T-Rex 2. The smartwatch features a 1.39-inch AMOLED screen with (454×454 resolution) with always-on-display and advanced 6PD (six photodiodes) BioTracker™3.0 PPG biometric sensor can track multiple metrics along with Spo2, Heart rate and stress, sleep quality all 24/7. Also, T-Rex 2 will alert you whenever it detects that you experience major altitude changes, and prompt you to take the blood oxygen saturation test.

Go beyond adventure with the watch’s dual-band positioning and support for five satellite positioning systems and you can unleash your inner explorer by importing route files from the Zepp app. Even your unique movement and developing routes can be displayed in real-time in the watch with real-time navigation.

Brave the rain, rule the pool and conquer the ocean with T-Rex 2 as it has a water resistance grade of 10 ATM, so it can withstand the equivalent of 100 meters of water pressure. Go more and charge less with up to 24 days of battery life on a single charge with typical usage.

For all you explorers, adventurers and fans of the great outdoors, the Amazfit T-Rex 2 is ready to evolve your instinct, anywhere in the world. But Amazfit aren’t a company that rests on their laurels. They wanted to push things further than any smartwatch has gone before — into space. Yes, you heard right! They are pushing the product’s absolute limits by taking it into space. They wanted to get as high as possible above the Earth, into the most extreme environmental conditions we could reach. And not only this, they are sending the T-Rex 2 to the coldest region on Earth, an Arctic Expedition “Around Novaya Zemlya”. The brand has provided the expedition members with its  flagship smartwatch model – the T-Rex 2. For the scientists, T-Rex 2 will allow them to collect important information about the state of health in the conditions of the polar regions, recognize meteorotropic (that is, based on climatic factors) reactions of the organism, and study the adaptive reserves of the human body. The team was set off on June 24^th. Please stay tuned for the updates of both projects on Amazfit’s social handles.

Availability

The “Notify Me” option for customers across Amazon is now available, while the smartwatch is made available for purchase from 2nd July.

Helios stores

Specifications for T-Rex 2