Ashneer Grover, Fantasy Gaming App Crickpe’s Founder, In A Strongly Worded Tweet, Slammed The Tax Authorities For Issuing Massive Tax Demand Notices To Gaming Companies.
Online Gaming Firms Get Tax Notices Worth Rupees 55,000 Crores
Why In The News?
- Ashneer Grover, Fantasy Gaming App Crickpe’s Founder, In A Strongly Worded Tweet, Slammed The Tax Authorities For Issuing Massive Tax Demand Notices To Gaming Companies.
- Notably, The Directorate General Of GST Intelligence (DGGI) Has Issued Pre-show Cause Notices To 12 Online Gaming Companies Worth ₹ 55,000 Crore. Dream11, The Gaming Unicorn, Has Received The Largest Tax Notice For Dues Worth ₹ 25,000 Crore.
- The Notices Were Issued After The Recent Change In GST Rates For Real Money Games Increased The Levy To 28% On The Total Bet Placed At Entry Level Of Each Gaming Session On RMG Platforms.
What Do We Know?
- Dream Sports, The Parent Company Of The Startup, Has Lodged A Writ Petition In The Bombay High Court. This Petition Aims To Contest The Show Cause Notice Issued By Authorities, Which Accuses Them Of Evading GST And Failing To Pay The 28% GST On The Nominal Value Of Bets.
- The Report Noted Citing Sources That The Tax Allegations Against Dream11 Are Staggering, Totaling A Massive INR 40,000 Crores. The Largest Claim Thus Far Was The INR 21,000 Crores Show Cause Notice Issued To Gameskraft, A Bengaluru Based Company.
- Dream11 Holds The Leading Position In The Fantasy Gaming Sector In India, Both In Terms Of Its Valuation And The Number Of Users. The Company’s Most Recent Valuation Surpassed $8 Billion, And It Boasts A User Base Of Over 180 Million Individuals On Its Sports Fantasy Platform.
- In The Fiscal Year Concluding On March 31, 2022, Dream11 Disclosed A Net Profit Of INR 142 Crores, Generated From An Operating Revenue Of INR 3,840.7 Crores.
- Furthermore, The Gaming Sector Faced A Significant Challenge When, Earlier In The Year, The GST Council Decided To Impose A 28% GST Rate On The Entire Nominal Value For Real-Money Gaming Transactions, Which Had A Considerable Impact On The Industry.
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