Key Points
In an interview with MC Govardhana Rangan, Bodhisatva Ganguli and Joel Rebello, the go-to banker even for the US Federal Reserve said he expects that global financial metrics could get worse before getting better...
Workers across the automobile hubs in Gurgaon-Manesar, Chennai, Pune and Sanand are working longer hours and even on weekends, as carmakers Maruti Suzuki, Hyundai, Kia, Honda, Tata Motors and Mahindra build up inventory...
The Directorate General of GST Intelligence (DGGI) has sent out a dozen pre-showcause notices to online real money gaming (RMG) companies over goods and services tax dues of about 55,000 crore, said people with knowledge of the matter..
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GST demand: Online gaming companies review legal options, await GST Council meeting for clarity
27, Sep, 23Experts say there is a need for a clarificatory circular to address past issues that would give the industry a breather
Online gaming's tax troubles, and other top startup & tech stories this week
15, Jul, 23When a user wants to play a game like a fantasy sports competition or card games like rummy or poker, where they stand to win real money based on the outcome, they first deposit a contest entry amount (CEA). From this, prior to creating a pool that will be passed on to the winner, the platform deducts its fee — typically between 8-15%. This is called the gross gaming revenue (GGR).
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.
71 show cause notices issued to online gaming firms involving GST demand of Rs 1.12 lakh cr: Finance Minis
05, Dec, 23Online gaming companies are facing scrutiny for alleged GST evasion, with 71 show cause notices issued for evasion exceeding Rs 1.12 lakh crore during the financial years 2022-23 and 2023-24, according to the finance ministry. In the current fiscal year till October 2023, central GST officers detected a total GST evasion of Rs 1.51 lakh crore, leading to the arrest of 154 individuals. The fiscal recovery reached Rs 18,541 crore as of now.
Inter-dept panel may be set up to ensure compliance by online gaming platforms
15, Sep, 24An inter-departmental committee may be formed to regulate online gaming platforms and ensure compliance, according to a DGGI report. The GST intelligence wing has taken action against 118 domestic entities and issued notices involving Rs 1,10,531.91 crore. Offshore entities are also under investigation for non-compliance.
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.
Online money gaming companies explore various models to offset impact of 28% GST
07, Nov, 23Cashbacks, vouchers, subscriptions, other ways to absorb the tax
Online money gaming firms face massive Rs 45,000 crore tax demand after 28% GST levy
16, Aug, 23India Business News: The Central Board of Indirect Taxes and Customs (CBIC) has evaluated unsettled GST liabilities for these firms since 2017.
71 notices sent to online gaming firms for GST of Rs 1.12 lakh crore: MoS Finance in RS
05, Dec, 23FM says 21,791 entities with fake GST registration detected involving Rs 24,010 crore
After online gaming firms, GST authorities set sight on casinos
16, Oct, 23Taxmen looking into operations of casinos to ensure GST dues paid