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News on Medial
Startups Mull Google Tax To Build Public Opinion Against Tech Giant’s Hefty Commissions
Inc42
·
1y ago
Medial
Indian startup founders are considering implementing a 'Google Fee' or 'Google Tax' on their customers as a response to the hefty commissions charged by the tech giant. The move comes after Google delisted the apps of several Indian startups for not complying with its new billing policy. Founders want to build public opinion against Google's billing system and push for government intervention. The startups claim that Google's commissions, ranging from 11-26%, are exorbitant and harm their businesses. Indian startups are also calling for the creation of a state-backed app marketplace to counter the dominance of big tech companies.
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CIA allegedly made fake social media accounts to troll the Chinese government
The Verge
·
1y ago
Medial
The CIA reportedly initiated a covert operation in 2019 aimed at undermining Chinese officials and swaying public opinion against them. This operation involved leaked intelligence and negative news spread through social media platforms. The objective was to instill paranoia within the Chinese government and create doubt among the public. The program, authorized by former President Donald Trump, allegedly extended beyond China to influence public opinion in Southeast Asia, Africa, and the South Pacific, particularly targeting China's Belt and Road Initiative. The CIA declined to comment on the matter.
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Startups flipping to India gain pace in fintech, other segments
Livemint
·
1y ago
Medial
Indian fintech startups that are currently based abroad are considering relocating to India in order to gain the confidence of regulators and prepare for public markets. PhonePe, backed by Flipkart, made the move last year after incurring a hefty tax bill. Other fintech firms, such as Razorpay, Groww, and Pine Labs, are also showing interest in shifting their base. Moving to India would help with compliance with local laws, as well as during the listing process. However, software companies may be less likely to move due to their focus on the US market.
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Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr
Money Control
·
1y ago
Medial
Pricol, a manufacturer of instrument clusters, has received a showcause notice from the Directorate General of GST Intelligence. The notice is part of an industry-wide investigation concerning the classification of instrument clusters under Goods and Services Tax (GST). The tax department's classification would result in a higher tax rate of 28%, compared to Pricol's classification of 18%. The potential tax demand for Pricol is approximately INR 380 crore, along with interest and penalties. Similar proceedings have been initiated against various auto component manufacturers. Pricol has sought legal opinion to address the matter appropriately.
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Foreign investors demand tax indemnities for startup investments
Money Control
·
11m ago
Medial
Foreign private equity and venture capital funds are increasingly demanding tax-related indemnification from Indian startups in order to protect themselves against potential tax demands. Indemnity clauses are becoming more comprehensive, with rising indemnity cap sizes, and tax insurance is gaining traction in the Indian market. These measures aim to ensure accurate tax representations, better compliance, and safeguard investments against unforeseen tax liabilities. Recent tax notices and demands faced by startups in relation to goods and services tax (GST), angel tax, and other direct taxes have prompted investors to seek such protection.
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Lawsuit claims Google is profiting from gift card fraud
Techradar
·
1y ago
Medial
A class action complaint has been filed against Google, claiming that the company has knowingly profited from gift card scams. The complaint alleges that Google retains funds from stolen gift cards either through commissions from payments to Google Play app developers made with fraudulently obtained cards or by withholding funds paid via such cards. The filing argues that Google has not adequately warned customers about the risks of gift card scams and has discouraged victims from seeking recovery of stolen funds. Similar allegations were recently made against Apple, leading to a settlement in a related lawsuit.
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Indian startups under I-T department scanner; gets tax notices over VC funding
IndianStartupNews
·
1y ago
Medial
Indian startups, particularly in the fintech sector, have been receiving tax notices from the Income Tax Department. These notices question the nature and source of the venture capital funding received by startups and lead to significant tax and penalty demands. Startups are struggling to comply with the demands for extensive documentation and face challenges in proving the legitimacy of their funding sources. Appeals against these tax demands require paying 20% of the total tax bill. These tax notices have raised concerns among startups and investors, but the startup ecosystem continues to show resilience and optimism.
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'In the gig world, logistics is huge...': Deepak Shenoy reacts to Zepto CEO's comments on Indian startups
Business Today
·
4m ago
Medial
Deepak Shenoy highlights the efforts of Indian startups like Zomato, Swiggy, Zepto, Flipkart, and Ola to minimize delivery costs, enhance speeds, and expand city coverage. He notes that Zepto alone supports 1.5 lakh livelihoods and brings substantial tax revenues and foreign investment into India. Shenoy argues against belittling Indian startups by comparing them to Chinese counterparts and emphasizes the need for more deep tech innovation. Startups create job opportunities and make logistics accessible.
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Tech giants and top institutions join forces in CoRE-AI to advocate responsible AI
YourStory
·
1y ago
Medial
The Coalition for Responsible Evolution of AI (CoRE-AI) has been established in India to advocate for responsible development and deployment of AI. The coalition includes tech giants like Google, Microsoft, AWS, and Infosys, as well as academic institutions and AI startups. CoRE-AI aims to foster innovation, build public trust, address algorithm biases, ensure transparency, and protect user privacy and data. The coalition will adopt a principles-based approach and contribute to a robust governance framework. The launch of CoRE-AI aligns with India's AI strategy and its goal of becoming a global leader in AI application.
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Delhi HC Dismisses Startups’ Plea Against Google Play Billing, CCI Sets Hearing Date on Feb 21
Thehindubusinessline
·
1y ago
Medial
The Delhi High Court has disposed of a plea by startups that sought an early hearing of their year-old complaint against Google. The Alliance of Digital India Foundation (ADIF), representing Indian startups and app developers, alleged "inordinate delay in adjudication" by the Competition Commission of India (CCI) in the Google Play Billing matter. The CCI has now fixed February 21 as the date for hearing the startups' complaint. Faced with complaints of inaction and delays, the CCI is under pressure to act on the startups' complaint and other cases involving big tech companies.
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CCI Denies Interim Relief To Startups In Google Billing Case
Inc42
·
1y ago
Medial
The Competition Commission of India (CCI) has dismissed interim relief applications from startups seeking to restrict Google from imposing fees or commissions on developers as part of its updated payments policy. The CCI stated that the complainants did not meet the criteria for interim relief as outlined by the Supreme Court. This follows the CCI's recent order for an investigation into Google's high fees on its Play Store. Startups have been locked in a four-year dispute with Google over alleged anti-competitive behavior related to its dominant position in the Android ecosystem and Google Play App Store.
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