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Karnataka GST authorities write to 161 online gaming firms, ask them to apply revised rate
Economic Times
·
1y ago
Medial
Karnataka GST authorities have written to 161 online gaming firms asking them to collect GST at a revised rate of 28% on the full face value of bets in online real money games, effective from October 1. The authorities want to ensure that the companies are aware of the recent amendments to the GST laws and have them diligently collect taxes as per the new rate. This move is expected to increase tax revenues in Karnataka by about Rs 1,500 crore annually.
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Tiger Global, ChrysCap, Peak XV ask govt to reconsider GST on online gaming
VCCircle
·
1y ago
Medial
Investment firms Tiger Global, ChrysCap, Peak XV, and ASK have requested the Indian government to reconsider the Goods and Services Tax (GST) on online gaming. They argue that the 28% GST rate on skill-based gaming platforms is excessive and should be reduced. These companies believe that a lower tax rate would encourage growth and investment in the online gaming industry.
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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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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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SC stays GST notices worth over Rs 1 L Cr against online gaming firms for tax fraud
YourStory
·
6m ago
Medial
The Supreme Court has stayed GST authorities' showcause notices, valued at over Rs 1 lakh crore, against online gaming firms over alleged tax evasion. Justices J B Pardiwala and R Mahadevan ruled that all proceedings against these companies remain paused, pending further hearing. The GST law was amended in October 2023 to require foreign online gaming firms to register in India, with a 28% GST on bets. Various firms challenged these demands, and the Supreme Court consolidated cases for review.
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Lok Sabha Approves 28% GST on Online Gaming
IndianStartupNews
·
1y ago
Medial
The Lok Sabha has approved a 28% GST on online gaming in India. The GST will apply to the full value of bets across online gaming, casinos, and horse racing. This move aims to regulate the booming online gaming secto.
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Karnataka notifies GST Ordinance to tax online money games at 28%
Economic Times
·
1y ago
Medial
The Karnataka government has passed an ordinance to amend the state's GST law, imposing a 28% tax rate on online gaming, casinos, and racecourses. The decision comes as part of the state's efforts to meet the October 1 deadline set by the GST Council. The Central government has already amended the laws and placed the bills before Parliament last month. The Karnataka government will issue a notification specifying the implementation date, following the Finance Ministry's notifications on the new CGST rate.
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Online gaming turnover has gone up, no case for relook at GST levy: Karnataka revenue minister
Economic Times
·
10m ago
Medial
Karnataka revenue minister Krishna Byre Gowda has dismissed concerns over the Goods and Services Tax (GST) levy on the online gaming sector, stating that there have been no disruptions or compliance issues. He argued that online gaming companies are declaring higher turnover and revenue has increased in some states. The GST Council imposed a 28% tax on online gaming from October 1, 2023, and Gowda believes the current rate is working well and there is no need for a re-examination. He also stated that any changes at this point could cause disruption and that rates have already stabilized.
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Nazara Technologies to challenge Rs 2.84 Cr GST demand over export payment delays
YourStory
·
5m ago
Medial
Nazara Technologies received a demand of Rs 5.68 crore from tax authorities for back taxes, penalties, and interest due to export payment delays, with Rs 2.84 crore under GST laws. The company plans to appeal, stating it won't materially affect operations. Nazara's subsidiaries previously faced GST liabilities of Rs 1,120 crore but obtained temporary relief. These subsidiaries contribute minimally to Nazara's revenue. The GST Council raised the tax rate for online gaming to 28% recently.
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Online Gaming GST Row: SC Stays ₹5,712-Crore Demand Against Paytm’s First Games
OutlookIndia
·
1m ago
Medial
The Supreme Court has stayed a ₹5,712-crore GST demand against Paytm's First Games, a real-money gaming platform. This dispute involves the classification and taxation of real-money gambling platforms under GST, impacting the broader online gaming industry. First Games challenged a retrospective GST notice, seeking relief on the GST rate applied to platform fees versus total bets. The issue highlights ongoing controversies about GST categorization and taxation in the Indian online gaming sector.
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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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