Paytm’s First Games Hit with ₹5,712 Crore GST Bombshell!

  • Paytm’s gaming arm, First Games, has been slapped with a massive ₹5,712 crore GST demand by tax authorities for the period January 2018 to March 2023.

  • The authorities claim GST should be 28% on the total entry amount, not the 18% currently paid on platform fees by gaming companies.

  • This is part of a wider crackdown, with multiple gaming firms receiving similar notices.

  • Paytm plans to challenge the notice in court, arguing against the retrospective application of the new GST rules.

  • The company says the notice won’t affect its operations, and First Games contributes less than 1% to Paytm’s consolidated financials.

Comments

Post a Comment

Popular posts from this blog

Gaming Industry Bigger Than Film & Music Combined

Image
In 2023, the  global gaming industry reached a staggering $396.2 billion , compared to the  film industry's $283.5 billion  and the  music industry's $69.2 billion Revenue Rampage: In 2023, the global gaming industry reached a staggering $396.2 billion, compared to the film industry's $283.5 billion and the music industry's $69.2 billion. That's more than the film and music industries combined! The gaming audience is massive and ever-growing, with over 3 billion players worldwide. This dedicated fanbase fuels the industry's success, spending billions on games, hardware, and in-game purchases. The rise of mobile gaming has been a major game-changer. Smartphones have become powerful gaming devices, making gaming accessible to anyone, anywhere. The mobile gaming market alone is expected to reach $116 billion by 2025. Additional Facts: The average gamer is 35 years old. The most popular video game genre is adventure. The best-selling video game of all time is Grand ...
Read more

JSW Cement's ₹4,000 Crore IPO Gets SEBI's Green Light

JSW Cement Limited, a prominent entity within the JSW Group, has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with an initial public offering (IPO) aimed at raising ₹4,000 crore. Key details of the IPO include: Structure of the Offering : The IPO comprises a fresh issuance of shares totaling ₹2,000 crore and an Offer for Sale (OFS) amounting to ₹2,000 crore by existing investors. Utilization of Proceeds : ₹800 crore allocated for establishing a new integrated cement plant in Nagaur, Rajasthan. ₹720 crore designated for repaying or prepaying certain outstanding debts. Remaining funds earmarked for general corporate purposes. Investor Participation in OFS : The OFS includes divestments by AP Asia Opportunistic Holdings Pte. Ltd. and Synergy Metals Investments Holding Ltd., each offering shares worth ₹937.5 crore, and the State Bank of India selling shares valued at ₹125 crore. Financial Performance : In the fiscal year 2024, JSW Cement reported reven...
Read more