GAMESKRAFT TECHNOLOGIES PVT
View: A Taylor Swift moment is marred by the taxman
The Cricket World Cup in India is expected to have a positive impact on the country's economy, with analysts predicting a boost to output of up to $1 billion. Additional spending on ticket sales, TV rights, tourism, and food delivery could contribute an estimated $2.6 billion to India's GDP. However, the online gaming industry, including fantasy sports platforms like Dream11, is facing a significant tax bill, with the government demanding an estimated $18 billion in back taxes. This could potentially drive the industry underground again.
ETSA 2023 stars to be feted on Oct 7; Dream11, others stare at Rs 55,000 crore tax demand
The eight winners of The Economic Times Startup Awards 2023 will be felicitated on October 7 in a grand ceremony in Bengaluru. Seema Prem of Fia Global, which won top honours for Social Enterprise, spoke to us about her startup’s journey, and its next aim. This and more in today’s ETtech Morning Dispatch.
SoftBank sheds another 2% in Paytm; will approach GST Council on 28% tax once gaming rules in place: Chandrasekhar
In May, SoftBank had sold a 2.07% stake in Paytm through open market transactions that began in February. Prior to the latest transaction, SoftBank held around 11% in the Noida-headquartered fintech company.
28% GST on online games only when winning depends on certain outcome, says CBIC Chief
With the recent GST Council meet not bringing up the Group of Ministers (GoM) report on online gaming, the department has said it would go by the view that 28% GST is payable on full bet value put in by a player, and not net of margins.
More online gaming firms under I-T lens; Tatas may consolidate ecommerce biz under one entity
The action comes close on the heels of the GST intelligence wing issuing a similar notice earlier this month to a Bengaluru-based online gaming portal GamesKraft Technologies Pvt Ltd demanding Rs 21,000 crore in taxes, interest, and penalty.
I-T notices being sent to winners of online games for short-payment of tax: CBDT chief Nitin Gupta
The department has started alerting the winners on the tax compliance dashboard wherever there is a mismatch in income and tax payments. The I-T department action comes close on the heels of the GST intelligence wing issuing a show cause notice earlier this month to a Bengaluru-based online gaming portal GamesKraft Technologies Pvt Ltd demanding Rs 21,000 crore in taxes, interest and penalty.
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GST authorities issue notice to Gameskraft, seek Rs 21,000 crore
Last year in December, the GST authorities had conducted a search on the premises of the company and attached its property and bank accounts, alleging a tax evasion to the tune of Rs 460 crore.
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