Key Points
Nazara Technologies is considering the possibility of acquiring crisis-stuck real-money gaming (RMG) companies as they may become available at attractive valuations, at a time when they are struggling under the burden of heavy tax liabilities, chief executive Nitish Mittersain told ET...
We see this as an opportunity, and we are also in conversation with a few of these companies, Mittersain said.. Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisit..
But before that, as a listed company, we have to figure out how do we de-risk our investment from any past tax claims that these companies are facing at the moment, he said..
The RMG industry is facing a tax demand of more than Rs 1.5 lakh crore, after the government decided to levy a 28% GST on deposits made by users to play a game, instead of on the winnings...
Since getting listed on stock exchanges in 2021, Nazara has made several big-ticket investments and acquisitions, including Saudi media marketing agency Publishme, US kids entertainment platform WildWorks and Indian ad-tech platform Datawrkz...
You might be interested in
Centre serves tax notice of ₹1 lakh crore to online gaming companies: Report
25, Oct, 23Over the last month, several online gaming companies including Dream11, and Gameskraft, have been issued show-cause notices for alleged short payment of taxes.
Indian gaming firms say new tax will stifle foreign investment
15, Jul, 23India's new 28% tax on online gaming companies will stifle foreign investment and put $2.5 billion already invested in the sector at risk, more than 100 gaming firms have said in a letter to India's finance ministry.
Nazara eyes ₹1,000 crore game studio revenue with ₹830 crore acquisition plan
02, Apr, 24The company will look to tap Indian game developers, while events subsidiary Nodwin continues to be a significant revenue generator.
Clarity on GST is desirable, online gaming industry working on different business models: Thampy of Games24x7
05, Dec, 23Further regulatory clarity on issues around consumer protection and money laundering awaited
Gaming firms offer to pick up tax bill to keep players hooked
23, Jan, 24Companies are subsidising tax liability on users through deposit offers and bonuses, say industry insiders.
Centre collected Rs 600 crore from online gaming companies in TDS
10, Oct, 23The CBDT Chairman said that while there was a rule earlier it was subject to diverse interpretations and now rules are simplified, this will ensure better compliance for both players and companies.
Money laundering: 374 arrested by ED in five years
03, Apr, 23The Enforcement Directorate has arrested as many as 374 people, including directors of a few companies who were involved in money laundering, in the last five years from April 1, 2018 to February 28, 2023.
Should you buy the slam dunk in Nazara & Delta? Dipan Mehta answers
12, Jul, 23“Post the GST rejig which has imposed 28% tax on gaming of all sorts, it is better to just stay away for two-three quarters. Let the dust settle down. Let us see what the real numbers are and how the impact has been and then take a call.”
eGaming companies GST tax demand in line with legal stand: CBIC chief
29, Sep, 23The Central Board of Indirect Taxes and Customs (CBIC) chairman, Sanjay Kumar Agarwal, has stated that the goods and services tax (GST) notices issued to online gaming companies are in accordance with legal provisions and will not be immediately reviewed. The government is prepared to implement the 28% GST regime for online gaming, horse racing, and casinos once all states amend their laws. The CBIC will review the tax regime in six months. Many online gaming companies have received tax demand notices running into thousands of crores, with a total tax liability estimated at around ₹55,000 crore.
India’s likely 28% GST on gaming companies set to kill many players, hurt FDIs: WinZo Co-founder Rathore
19, Jun, 23The proposal for a 28% tax on gaming companies building IP and technology could be disastrous, according to Saumya Singh Rathore, co-founder of WinZO gaming platform. In an interview, Rathore expressed concerns that higher taxes would hinder early-stage startups and limit access to foreign direct investments and capital.