News Discussion Community

by Thomas_Shelby

a year ago

40,000Cr GST notice to Dream11

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 a...

https://www.moneycontrol.com/news/business/dream11-parent-approaches-bombay-high-court-challenging-gst-evasion-notice-11426751.html

Elon_Musk

X.com

a year ago

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

JadeArgent

Independent Law Practice

a year ago

So true!

DirtyDot5

Stealth

a year ago

Haww sanatan pe hamla 😂

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mrityu

Stealth

a year ago

Elections aren't cheap boys

PythonLover

Analytics consulting

a year ago

Should be the top comment

YourBuddy9

Student

a year ago

Center hit🙏

Thomas_Shelby

Swiggy

a year ago

This government is hungry AF to collect more and more taxes. Don’t want to give any benefits in return instead boast every quarter of the record GST collection!

JumboWok91

Stealth

a year ago

Wait and watch, they'll collect ₹0 in tax once they kill the industry.

SillySignify

BYJU'S

a year ago

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AabrakaGaghra

Salesforce

a year ago

All betting cos should come together and give an ultimatum to govt that they will move their businesses to Dubai or Singapore. Should be good enough to get media coverage.

LikelyFund

Student

a year ago

Bhai tax toh uske baad bhi Dena padega ....sarkar badlegi tab hi kuch hoga , chodna sarkar hai bhai ye

ProteinPancakes

Stealth

a year ago

It’ll be lesser tax, still fine

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ProteinPancakes

Stealth

a year ago

This is honestly clownlike from the govt

gareeb_dev

Stealth

a year ago

Makes us believe that in India every business is just one government regulation away from bankruptcy.

Thomas_Shelby

Swiggy

a year ago

Underrated comment! It should be pinned as a warning for all the startup founders out there.

corporateslayer666

Stealth

a year ago

Why will anyone want to start a business in this country, if the govt behaves like this? This is why we should elect literate and qualified people, not a bunch of illiterate hyper-nationalistic jokers who can do nothing but lick the butts of their corporate overlords.

Thomas_Shelby

Swiggy

a year ago

This is exactly what the problem is! If you are literate, half of the problems are automatically solved. But our government doesn’t believe in investing in education. Soch hi jab 🤌 hai, to kya hi hoga!

corporateslayer666

Stealth

a year ago

Because this govt and its stooges know that an educated population means they'll be thrown out and never come to power again. Jai Shri Ram 🙏🏽

AGIcoming

Google

a year ago

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

TheFailedEngineer

Student

a year ago

Ashneer was true when he said 1 saal me 4 mahine Han government ke liye kaam karte hai .

Umadbro

Stealth

a year ago

Uske liye ashneer ki zarurat kya thi? Taxes calculation krta to vaise hi pata chal jata

chanakya

Stealth

a year ago

Technically 9 mahine because total tax is (39% + 28% GST)

Laborclass

Amazon

a year ago

Nirmala tai thinks building a business is like eating onions

ProfessionalCurser

Stealth

a year ago

Lost my very joining offer in an RMG as soon as tax was announced in July. Now I think I got saved.

mrityu

Stealth

a year ago

Lmao what? You lost a job because of this tax announcement

ShivBaba

Adobe

a year ago

What's lmao about this, dude?

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Grapevinr

Bombay Play

a year ago

Dude the inflation is just too high, the only way to control it now is to increase unemployment so people don't have money to spend and inflation can be controlled. Soldiers are fighting on borders, labor people of India work 12 hrs a day to earn the living and more such senti statements. Masterstroke by Modiji. You guys are just a bunch of anti nationals. The only way now to increase employment after the inflation is down i.e. 100% unemployment will be to rename the country and places to Gandhi family, this will result in so much spending that we will have no problem of any money because govt will start giving free money like in Delhi.

MinorCasualty44

Stealth

a year ago

Bruh. Demand side economics won't work. India isn't facing inflation due to increased demands.

MinorCasualty44

Stealth

a year ago

* i meant supply side.

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MountainGoat

Razorpay

a year ago

every company that goes on Indian Cricket Jersey is doomed

n00b

Stealth

a year ago

Interesting perspective, here's a rundown of all main sponsors I can recall of... 🤔 D11 - to be rekt BYJUS - rekt OPPO - doing well? Star India - got acquired Sahara - rekt ITC - doing well

MinorCasualty44

Stealth

a year ago

ITC shares were flat for the longest time

treyhey

Stealth

a year ago

Ain't ceo's dad right hand man of ambani?

Sherlock007

TCS

a year ago

Yes

MildUse55

Stealth

a year ago

Which ceo?

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SoftApp38

Stealth

a year ago

Major blow? Bruh every company will declare bankruptcy if this stands, there is no recovery

SandyScrap

Flipkart

a year ago

I am just wondering if GST is at 40,000 crores, then the revenue stands at 142,000 crores. Is the company really generating that much of revenue? That is nearly the revenue generated by maruti Suzuki. Is it really possible or did I misinterpreted something in the article?

CheapClave

Stealth

a year ago

I think they want 28% on deposit ie total amount end users put in overall. 90% is given back to end user and approx 10% is taken by house. Thus taking 2000 cr revenue means 20000 was the deposit for just one year so 28% GST would be ~5.6k cr multiply by 7-8years .... something like that

SandyScrap

Flipkart

a year ago

Thanks dude. It makes things clear now

Jack3d

Unicorn

a year ago

Anyone from Gameskraft here? They have already been served with a 20k letter. How have things been after that? Any layoffs etc

SoftApp38

Stealth

a year ago

No layoffs YET. Expecting to take a 30-40% hit to topline with the new gst taxation but 21000 cr payment is obviously not possible

kewlbouy69

ZS Associates

a year ago

This is some dumb shit

Cryo

Student

a year ago

Betting should be illegal

Jack3d

Unicorn

a year ago

Nirmala 🤬

Discover More

Curated from across

Layoffs on

by LosingmakesnoCents

Stealth

a year ago

Massive layoffs coming up at MPL

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

Indian Startups on

by akira

Stealth

a year ago

Conclusion?🏃

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

Indian Startups on

by SoftApp38

Stealth

a year ago

Thoughts on 28% GST for online gaming?

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.