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Dream11 withdraws plea challenging Rs1,200 cr tax notice

Livemint

Livemint · 1y ago

Dream11 withdraws plea challenging Rs1,200 cr tax notice

Fantasy sports company Dream11 has withdrawn its petition challenging notices of alleged tax evasion amounting to ₹1,200 crore in the Bombay High Court. The state goods and services tax (GST) authority had withdrawn its show cause notice on Dream11 as the Central GST authorities were pursuing the matter in the Supreme Court. The gaming company was asked to pay a 28% tax on its gross value, with the company arguing that online fantasy sports gaming predominantly involves skill and not gambling.

Related News

Dream11 challenges ₹40,000 Cr GST evasion notice in Bombay High Court: Report

Livemint

Livemint · 1y ago

Dream11 challenges ₹40,000 Cr GST evasion notice in Bombay High Court: Report

Dream11, the leading fantasy gaming platform in India, has filed a writ petition in the Bombay High Court to contest the show cause notice it received from tax authorities accusing the company of evading goods and services tax (GST). The notice alleges that Dream11 failed to pay 28% GST on the nominal value of bets, with the total tax allegations amounting to a staggering INR 40,000 Crores, making it the largest-ever claim in the history of indirect taxation in India. Dream11's parent company, Dream Sports, is challenging these allegations in court.

Ashneer Grover's plea against income tax notice dismissed by HC

CNBC

Ashneer Grover's plea against income tax notice dismissed by HC

The Delhi High Court rejected Ashneer Grover's plea challenging an income tax notice issued to him under the Black Money Act. The court dismissed the petition after advising Grover's counsel to withdraw it voluntarily. Grover had requested the cancellation of the notice and a halt to the assessment proceedings under the act.

NCLAT Overturns NCLT’s Order Against Dream11 Parent

Inc42 · 1y ago

NCLAT Overturns NCLT’s Order Against Dream11 Parent

The National Company Law Appellate Tribunal (NCLAT) has dismissed insolvency proceedings against Sporta Technologies, the parent company of fantasy sports platform Dream11, for an alleged rent default of over INR 7.6 Cr. The Appellate Tribunal noted that the National Company Law Tribunal (NCLT) wrongly admitted the insolvency plea, overlooking the exemption period under the Insolvency and Bankruptcy Code. The NCLAT's decision comes after Reward Solutions filed the insolvency plea in February 2024, claiming that Sporta Technologies failed to comply with a lease agreement. Dream11 recently faced challenges due to the 28% GST imposed on the online gaming sector and a substantial GST notice from the tax authorities. However, the company saw growth in its user base, net profit, and operating revenue in the financial year 2022-2023.

NCLT Admits Insolvency Plea Against Dream11 Parent Over INR 7.6 Cr Default

Inc42 · 1y ago

NCLT Admits Insolvency Plea Against Dream11 Parent Over INR 7.6 Cr Default

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted an insolvency plea against Sporta Technologies, the parent company of gaming unicorn Dream11, for an alleged rent default of over INR 7.6 Cr. The plea was filed by Reward Solutions Pvt Ltd, claiming that Sporta Technologies consistently defaulted on payment of the license fee. The tribunal recognized Sporta Technologies as a corporate debtor and appointed an interim resolution professional for the case. Dream11 reported a rise in net profit and operating revenue in FY23.

Infosys says DGGI withdraws tax demand of ₹3,898 crore for FY18 | Mint

Livemint

Livemint · 1y ago

Infosys says DGGI withdraws tax demand of ₹3,898 crore for FY18 | Mint

Infosys has announced that the Directorate General of GST Intelligence (DGGI) has withdrawn a tax demand of INR 3,898 crore for the financial year ending March 2018. This decision provides partial relief to the Indian software company, as the ongoing tax battle remains unresolved. Another tax demand of INR 28,505 crore from the remaining five years is still pending. The withdrawal suggests a potential early resolution of the matter, as the government is said to be considering Infosys' plea that GST does not apply to services provided by its overseas branches.

Dream11 Shines On IPL Debut, Onboards 1.1 Mn New Users

Inc42 · 1y ago

Dream11 Shines On IPL Debut, Onboards 1.1 Mn New Users

Dream11, the popular fantasy sports platform, reported onboarding 1.1 million new users on the first day of the Indian Premier League (IPL) tournament, with a total of 15.01 million concurrent users. Dream11 has partnered with eight IPL teams for sponsorship this year and has witnessed significant growth in female users. The company faces a regulatory battle over taxation in the real money gaming sector and received a show cause notice from the Directorate General of GST Intelligence regarding the tax rate to be applied. Despite this, Dream11 reported a 32% increase in net profit for FY23.

Dream11 gets largest ever indirect tax notice in India's history: Report

Inshorts · 1y ago

Dream11 gets largest ever indirect tax notice in India's history: Report

Dream Sports, the parent company of fantasy sports platform Dream11, has filed a writ petition in the Bombay High Court to challenge a show cause notice issued by tax authorities for alleged GST evasion. The tax claim against Dream Sports is reportedly much higher than the previous record of Rs 21,000 crore, potentially reaching around Rs 40,000 crore. The company posted a net profit of Rs 142 crore in FY22. The Central Board of Indirect Taxes and Customs is expected to send similar notices to over 40 skill-gaming companies for alleged tax evasion.

Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23

Economic Times

Economic Times · 1m ago

Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23

Tata Steel received a show cause notice from tax authorities for allegedly irregularly availing input tax credit worth Rs 1,000 crore between FY19 and FY23. The notice demands explanation for GST recovery of Rs 1007 crore. Tata Steel has already paid over Rs 514 crore in GST. The company believes the notice lacks merit and plans to address the issue through proper channels, asserting no financial impact from the notice.

NCLAT stays insolvency proceedings against Dream11

Inshorts · 1y ago

NCLAT stays insolvency proceedings against Dream11

The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed NCLT's order admitting an insolvency plea against Dream11-parent Sporta Technologies. It further directed the NCLT-appointed interim resolution professional to take no action till further order. The insolvency plea was filed against Sporta by an operational creditor over dues worth ₹7.61 crore.

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Inc42 · 1y ago

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Binance, a popular cryptocurrency exchange platform, has been issued a show-cause notice by the Directorate General of Goods and Services Tax Intelligence (DGGI) in India. The notice demands payment of INR 722 crore in Goods and Services Tax (GST). The tax demand arises from transaction fees amounting to INR 4,000 crore collected by Binance from Indian traders. This follows a recent fine of INR 18.82 crore by the Financial Intelligence Unit (FIU) for violations of anti-money laundering regulations.

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