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Gameskraft to get demand notice for ₹21,000-cr tax evasion: Report
Money Control
·
1y ago
Medial
Gaming company Gameskraft may receive a demand notice along with penalties from the Central Board of Indirect Taxes and Customs (CBIC) for allegedly evading taxes amounting to ₹21,000 crore. A senior government official mentioned that the tax demand would be sent soon, but there had been a delay due to a court order from the Karnataka High Court.
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40 online gaming firms to get notices for tax evasion: Report
Inshorts
·
1y ago
Medial
About 40 online gaming firms will get show-cause notices for alleged tax evasion after the Supreme Court stayed a Karnataka High Court order quashing a ₹21,000-crore GST evasion notice to Gameskraft, Moneycontrol reported. Since activities of Gameskraft and other gaming firms are identical, authorities had held back notices. Two ₹3,000-crore tax evasion notices have already been sent to two firms.
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India's GamesKraft suspends operations of Gamezy amid tax tensions
IndianStartupNews
·
1y ago
Medial
Bengaluru-based gaming firm GamesKraft has decided to suspend its popular fantasy offering, Gamezy Fantasy, in response to the introduction of a 28% GST in the online gaming industry. The company is in the process of restructuring its Gamezy super app and urging users to transition to separate apps like RummyPrime and Ludo Culture. This decision comes after the Supreme Court stayed an order that nullified a Rs 21,000 Cr tax evasion notice served to GamesKraft by the Directorate General of GST Intelligence.
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Gameskraft reports Rs 1,062 Cr profit after tax in FY23
Entrackr
·
1y ago
Medial
Gameskraft Technologies, a Bengaluru-based gaming company, reported a revenue growth of 24.8% in FY23, reaching Rs 2,662 crore. Its primary source of revenue was income from subscriptions and platform cum commission fees. Despite facing regulatory issues and allegations of GST tax evasion, Gameskraft managed to increase its profits by 14.2% to Rs 1,062 crore. However, the company is still under scrutiny and awaiting a verdict from the Supreme Court regarding the tax evasion charges.
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Dream11 gets largest ever indirect tax notice in India's history: Report
Inshorts
·
1y ago
Medial
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.
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HC quashes DGGI’s ₹21k cr tax demand from Gameskraft
Livemint
·
1y ago
Medial
The Karnataka High Court has overturned a ₹21,000 crore ($2.8 billion) goods and services tax (GST) demand on Gameskraft, a Bengaluru-based online gaming company. The court ruled that the Directorate General of GST Intelligence (DGGI) misinterpreted the law and that online rummy is a game of skill, not chance. The ruling is seen as a precedent for online gaming startups and may influence discussions on taxation policies for the industry by the GST Council. The verdict brings clarity and relief to the online gaming sector in India.
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SC stays order quashing ₹21,000-crore GST notice to Gameskraft
BQ Prime
·
1y ago
Medial
The Supreme Court has halted the enforcement of a Karnataka High Court decision that invalidated a ₹21,000-crore show-cause notice issued by the Directorate General of GST Intelligence (DGGI) to Gameskraft Technologies. According to the DGGI, Gameskraft has amassed ₹70,000 crore in betting funds from approximately 45 lakh players over five years. The DGGI also argued that, based on a Supreme Court ruling, games played with stakes are liable to GST.
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Govt serves online gaming companies tax notices worth Rs 1 lakh crore
Economic Times
·
1y ago
Medial
The Indian government has issued show cause notices worth Rs 1 lakh crore ($13.4 billion) to online gaming companies for tax evasion, according to a senior official. The notices are part of efforts to crack down on tax evasion in the gaming industry. From October 1, foreign gaming companies are required to register in India under the amended GST law. The notices have been served to companies like Dream11, Delta Corp, and GamesKraft.
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Supreme Court to hear gaming firms’ challenge to 28% GST rule
Economic Times
·
6m ago
Medial
The Supreme Court is set to hear petitions from online gaming firms and casinos challenging the 28% GST imposition on the full value of bets rather than gross gaming revenue. These firms face significant retrospective tax demands since 2023, fearing coercive actions by tax authorities. The Court had earlier stayed a Karnataka High Court judgment demanding Rs 21,000 crore GST from GamesKraft. The petitions argue against the government's view equating all online betting to gambling for tax purposes.
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Dream11 withdraws plea challenging Rs1,200 cr tax notice
Livemint
·
1y ago
Medial
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.
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DGGI Detects Tax Evasion Of INR 81K Cr By Gaming Cos In FY24
Inc42
·
10m ago
Medial
According to the annual report from DGGI, the online gaming industry was found to be most susceptible to tax evasion in the fiscal year 2023-2024. The BFSI (Banking, Financial Services, and Insurance) sector also showed a high risk of tax evasion. During this period, DGGI identified 6,084 cases of GST evasion worth INR 2.01 Lakh Cr, compared to 4,872 cases worth INR 1.01 Lakh Cr in the previous fiscal year. In response to the imposition of a 28% GST, several online gaming companies received notices to pay pending taxes amounting to INR 1.12 Lakh Cr.
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