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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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Related News
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 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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Bombay High Court quashes ₹2,237 crore GST demand against Larsen & Toubro | Mint
Livemint
·
11m ago
Medial
Larsen & Toubro (L&T) announced that the Bombay High Court has nullified a GST demand of ₹2,237 crore imposed on the company. L&T had filed a petition against the show cause notice issued by the Principal Commissioner of GST and Service Tax, Mumbai for a service tax demand related to certain transactions. The company received the High Court's order on August 19, quashing the show cause notice. This comes after L&T reported a 12% increase in net profit for the first quarter of FY25, slightly below expectations but with a 15% growth in revenues.
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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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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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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.
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Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice
Entrackr
·
1m ago
Medial
Paytm gets relief as Supreme Court stays Rs 5,712 Cr GST notice. In its order, the apex court directed, “Further proceedings of all the impugned show cause notices shall remain stayed till the final disposal of the main matter along with all the matters which are tagged.” The Supreme Court of India has stayed the proceedings of a Rs 5,712 crore GST Show Cause Notice (SCN) issued to First Games Technology Private Limited, a subsidiary of One 97 Communications Ltd (Paytm). Paytm shared the update in a regulatory filing on May 24, after the Supreme Court issued an interim order on May 23. The order came in response to a petition by First Games, which challenged a GST notice from the Directorate General of GST Intelligence (DGGI) for the period from January 2018 to March 2023. In its order, the apex court directed, “Further proceedings of all the impugned show cause notices shall remain stayed till the final disposal of the main matter along with all the matters which are tagged.” The stay gives Paytm’s gaming arm temporary legal relief and more time to defend its case without facing immediate penalties. Earlier, Paytm said the notice is part of an ongoing issue in the online gaming industry. The disagreement is about GST being charged at 28% on the full entry amount, while gaming companies believe it should be 18% only on their actual earnings from platform fees. The SCN is part of a broader industry-wide probe by the GST department, which has issued similar notices to several gaming companies. The matter is being closely monitored by stakeholders across the online gaming sector. Paytm's operating revenue fell by 16% year-on-year to Rs 1,911 crore in the fourth quarter of FY25, down from 2,267 crore in the same quarter of FY24. However, the Noida-based company narrowed its losses to 23 crore in Q4 FY25, a 96% reduction from 536 crore in Q4 FY24.
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Deepinder Goyal's Zomato gets Rs 23 crore tax notice from Karnataka tax authorities
IndianStartupNews
·
1y ago
Medial
Food delivery platform Zomato has received a tax notice amounting to INR 23.26 crore ($3.11 million) for the financial year 2018-19 from Karnataka tax authorities. The notice alleges that Zomato overutilised input tax credit and demands a GST payment of INR 11.27 crore, plus interest and penalties. This follows a recent INR 8.6 crore GST penalty notice from Gujarat authorities and a show cause notice from the Directorate General of GST Intelligence. Zomato plans to challenge the order and remains confident in its position. Despite these tax challenges, Zomato reported its second consecutive profitable quarter for Q2 2023-24.
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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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