They will open a new Mega Cash Contest: 
 Entry Fee : Rs1,00,000 
 Prizepool : Rs 40K CR worth of Gratitude

Product Manager

Most likely will pay off the politicians , officials and judges. Will be much less hassle. 
  
 Don’t forget elections are coming up next year and parties need money to buy off the winning candidates.

Corporate Strategist

Dream11 posted a net profit of Rs 142 crore on operating revenue of Rs 3,841 crore in FY22   
    
 But just to contest these liability, 20% of demand has to be deposited

Software Engineer

Looks like they are screwed. And all gaming cos 
  
 https://thearcweb.com/article/dream11-gst-evasion-notice-harsh-jain-fantasy-gaming-gameskraft-4LhnDXXSODwgxKoO

https://www.instagram.com/reel/CxqetHySbXW/?igshid=MWZjMTM2ODFkZg==

Software Developer

Welcome to Indian Startups's Private Community

Dream11 - 40k Cr Tax notice

Growth Manager

Dream11 - 40k Cr Tax notice- Grapevine

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40,000Cr to Dream11
20000Cr to GamesKraft
16,000Cr to Deltacorp

This will be a major blow to the online betting industry. All the top companies have taken a major hit. Will be interesting to see how they recover from it. Deltacorp shares already down 18% today!

Central Board of Indirect Taxes and Customs is likely to send show cause notices to over 40 skill-gaming companies for alleged tax evasion after the Supreme Court stayed a Karnataka High Court judgment

Dream11 parent approaches Bombay High Court challenging GST evasion notice

40,000Cr GST notice to Dream11

Should Target Astrology startups as well those are just as dumb-predatory-addicive as online gambling

Founder

From what I hear from a friend who is aware of the leadership discussions, MPL might be looking to lay off close to 50% of its workforce and shut down most of its other BU’s to consolidate by October. This would include folks even till the SVP levels. This might be one of the first pins to fall with the 28% GST rule kicking in by October. Dark days ahead for online RMG  industry in India

Massive layoffs coming up at MPL

companies like MPL should not exist in the first place. Why promote gambling?. not for any moral reasons,  if someone wants to gamble, let them go to a casino and do it. Instead, making it easier for some one to gamble at  any time/anywhere is unacceptable.

Consultant

Product Head

What are some underrated ways to save tax

Tax saving

Business Development Manager

IT department sending moonlight notices apparently 

https://twitter.com/ravisutanjani/status/1689301324158930945?s=46&t=-Y8gJsKWsnMPnWZzk9ilMQ

Careful if you’re a moonlighter

Centre has decided to impose 28% gst on Online gaming. How will companies like Dream11, Games2win, Nazara etc pivot now?

Management Consultant

There’s no way they can foot the retrospective GST tax dues to the. Government. What next for them ? Dream 11 is Ambani safe haven - will it somehow get saved. ?

Are Indian fantasy gaming and betting apps going to die?

Digital Accessibility Technologist

Online gaming startups are among those rare breeds which were profitable . With this move, even they will be forced to do layoffs..

28% GST on online gaming. Tough times for dream11, mpl etc

Welcome to Personal Finance's Private Community

Got an email from payroll team that Income Tax dept. has flagged some employees ITR of our org. Seems false claims and deductions. 
Giving one time opportunity to rectify and re file ITR of last 3 years to avoid further action! 

Has this happened to you too or its just me? 
Suggestions? 🥺

Income Tax dept. notified my employer about false claims

Founder’s Office

A friend recently got a SME IPO. 1.2L Rs was the investment and it is expected to open at 100% premium. So basically around 1.2L profit. (>1L limit for capital gains)

His income is 45K for this year, hence under the exception bracket. 

So if he sells the shares tomorrow itself is he liable for STCG or not?

Related to Taxation

Finance Consultant

SAHARA sponsored India : Sahara went bankrupt, & the owner went to Jail.

OPPO sponsored India : Oppo got boycotted by Indians, Declined.

STAR sponsored India : Lost all major rights to Jio and Sports 18.

BYJUS sponsored India : incurred huge losses, got exposed , had to lay off employees.

DREAM 11 is sponsoring India : 28% GST applied, got tax evasion notice of 40,000 crores

Conclusion?🏃

Cloud Consultant

After 28% GST, what’s the scene like in the offices of fantasy gaming offices?

I heard recently from a friend that a company offered the candidate 36lpa and there is no pf cut or anything. 36/12 = 3 lakhs would be monthly in-hand directly. It's a startup and recently got registered in India so benefits would take some time to reflect. And equity yet to be decided.

Has anyone heard of such things?  Does any company pay the whole compensation/12?

Pay divided by 12

Folks at Dream 11, Games24×7, Junglee, etc how's the environment in the office? Have there been any updates from the leadership regarding the direction they'd be taking? 
As of now, here at Gameskraft it's an elephant in the room with everybody in denial, talking about how we can still survive and no updates from leadership yet.

Thoughts on 28% GST for online gaming?

I’m from a esports gaming company. Spoke to my CEO regarding this today morning.  
  
 This move is completely short sighted and reinforces how bad policymakers are in our country. This might kill small companies in the short/medium term altogether.  
  
 Gaming companies based out of India that were looking to raise funding will have the hardest time doing so going forward. 28% GST + income tax on the company end. ₹100 deposited directly being reduced ₹72 in your account. The government ends up earning almost 50% from players AND the company.  
  
 I’m seeing boomers applaud this move as they want the new generation to “focus more on less time wasting activities”, but they don’t know anything about the numbers of the gaming industry outside of India. Indian esports and gaming is just at the beginning of its rise. This move sets it back in terms of investment and revenue heavily.  
  
 Luckily, we’ll have an entity setup in the UAE soon, and that entity will in a few months become the holding entity, with the Indian entity being a subsidiary. Many more companies will do this, and the government will see how this increase in taxes backfires because companies will just create holding entities outside of India :)

All the UNBOOKED Gains in your Portfolio would now attract -

25% MORE LTCG (10% to 12.50% is NOT 2.5%, but 25% more), Surcharge extra as applicable.

33.33% MORE STCG (15% to 20% is NOT 5%, but 33.33% more), Surcharge extra as applicable.

Dream11 - 40k Cr Tax notice

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