🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
✕
Login
Home
News
Messages
Startup Showcase
Trackers
Premium
Premium Content
Jobs
Notifications
Settings
Try our Valuation Calculator →
Log In
News on Medial
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.
View Source
Related News
Gameskraft to discontinue super app Gamezy amid Rs 21,000 crore tax demand
Economic Times
·
1y ago
Medial
Bengaluru-based online gaming company Gameskraft announced that it will phase out its super app, Gamezy, which offers real money and casual games, including ludo and card games. This decision comes after facing a potential Rs 21,000 crore goods and services tax (GST) payout. The company will focus on developing and promoting dedicated single apps like RummyPrime and LudoCulture, as it believes in providing deep category-specific experiences for players. Numerous online gaming companies have been impacted by the 28% levy on online gaming imposed by the GST Council.
View Source
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.
View Source
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.
View Source
Gameskraft pauses operations of Pocket52
Entrackr
·
2m ago
Medial
Gameskraft has announced a strategic pause on its poker platform, Pocket52, as part of a broader plan to reassess and redefine its approach to the poker category in India. According to the company, it aims to deliver a more focused and differentiated experience to players, aligning with its long-term strategic vision for the poker segment. “The ‘Add Cash’ feature on Pocket52 will be discontinued on May 22, 2025, and gameplay will end on May 30, 2025. The platform will remain accessible until July 2025 for withdrawals, ensuring that all existing customer funds are secure and accessible through standard processes,” the company said in a release. Gameskraft has assured that the pause will not impact its employee strength and that all communications regarding withdrawals and further updates will be sent to players. While Gameskraft did not explicitly cite the 28% GST imposed by the government on gaming startups as a reason, it cannot be ruled out as a factor behind the strategic pause. Several startups have faced layoffs and shutdowns since the implementation of the tax. Despite the operational pause, Gameskraft continues to focus on creating innovative digital experiences for players across its gaming portfolio. According to TheKredible, Gameskraft’s revenue from operations grew to Rs 3,475 crore in FY24 from Rs 2,673 crore in FY23. During the period, its profit dropped 10.8% to Rs 947 crore. Besides Pocket52, Gameskraft also runs Rummy Culture, Playship, RummyPrime, Ludo Culture, and Rummy Time.
View Source
New Tata plant starts iPhone production, Foxconn close behind as Apple looks to India, sources say
Economic Times
·
2m ago
Medial
A new Tata Electronics plant in southern India has begun producing older iPhone models, while a Foxconn facility in Bengaluru is set to start operations soon. Apple is shifting production to India amid trade tensions with China. The move aims to diversify manufacturing and counter potential U.S. tariffs. India's iPhone production is projected to increase, with the new plants expected to create significant employment and contribute to Apple's supply chain stability.
View Source
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.
View Source
Zoho suspends $700-mn chipmaking plan in latest setback for India
VCCircle
·
2m ago
Medial
Zoho has suspended its $700-million chip manufacturing plans due to difficulties in finding a suitable technology partner for the complex process, marking a setback for India's semiconductor ambitions. This follows billionaire Gautam Adani's group pausing its $10 billion chip project with Tower Semiconductor. Zoho's founder, Sridhar Vembu, had envisioned a $400-million investment in Karnataka to diversify operations. The suspension poses challenges to India's goal of becoming a global chip manufacturing hub.
View Source
Piyush Goyal to meet exporters on June 30 amid global tensions
Economic Times
·
19d ago
Medial
Commerce and Industry Minister Piyush Goyal is set to meet exporters on June 30 to address India's export challenges amid global tensions, particularly in West Asia. The meeting aims to ensure continuity and stability in trade routes and prepare for upcoming trade agreements, including with the US, UK, and EU. With India's export targets ambitious, this meeting is crucial for strategizing amid global geopolitical shifts and securing sectors like textiles from potential tariffs.
View Source
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.
View Source
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.
View Source
Trackers
Active Indian VC’s
OG Capital
Email
With a hands-on approach, OG Capital aims to invest in over 20 promising...
Accel Partners
Email
Early and growth-stage investments in disruptive technology companies with...
Blume
Email
Early-stage venture capital firm investing in technology startups in India. Focus on...
Access All Trackers
Startup Showcase Winners
June 2025
Buddy
Helping your parents when you are miles away
BiteStop
The Pit Stop Your Cravings Deserve
Bloomer
The next generation E-commerce platform
Enter Ongoing Startup Showcase
Top Users
Trending News on Medial
Download the medial app to read full posts, comements and news.
Go to Medial App
Not Now
Know everything that’s happening in the startup ecosystem, first.
Enable Notifications?
No, thanks
Count me in
/indianstartupnews/media/agency_attachments/s1FnhAYONODoxNkoC8xA.png)
