Delta Corp, Nazara Tech shares crack up to 14% on GST shock
1 year, 5 months ago

Delta Corp, Nazara Tech shares crack up to 14% on GST shock

Live Mint  

28% GST on online gaming, casinos: Shares of online gaming stocks such as Nazara Technologies and Delta Corp suffered massive losses in early trade on Wednesday after the GST Council shocked the industry by levying a 28 per cent uniform GST on online gaming, casinos and horse racing. Shares of Delta Corp opened at their 10 per cent lower circuit of ₹222.15 while those of Nazara Technologies cracked over 14 per cent in early deals after the Goods and Services Tax Council on Tuesday levied a 28 per cent uniform GST on online gaming, horse racing, and casinos on the full value of the bets. Simply put, online gaming, horse racing, and casinos will be taxed at 28 per cent and will be taxed on full face value," finance minister Nirmala Sitharaman said. The finance ministry explained that the amendments to GST law will be brought to specify that tax will be applicable on the face value of the chips purchased in the case of casinos, on the full value of the bets placed with bookmaker/totalisator in the case of horse racing and on the full value of the bets placed in case of the online gaming.

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History of this topic

Online gaming companies get ₹1 lakh crore GST show cause notices so far
1 year, 1 month ago

Online gaming companies get ₹1 lakh crore GST show cause notices so far

The Hindu  

GST authorities have issued show cause notices worth ₹1 lakh crore to online gaming companies for tax evasion so far, a senior official said on October 25. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1. "Online gaming companies served notices worth about ₹1 lakh crore by …

Delta Corp shares hit 52-week low as company’s subsidiary receives GST notice
1 year, 2 months ago

Delta Corp shares hit 52-week low as company’s subsidiary receives GST notice

Live Mint  

Stock market today: Delta Corp shares fell 10 percent on Monday after the company's subsidiary, Deltatech Gaming Limited, received a Goods and Services Tax notice for payment of ₹6,384 crore owing to tax shortfall. And the fresh notice received by Deltatech Gaming Limited has only made matters worse for the stock. In an exchange filing, the company said, "In addition …

All states for 28% GST on online money gaming effective from 1 Oct: Revenue Secy
1 year, 2 months ago

All states for 28% GST on online money gaming effective from 1 Oct: Revenue Secy

Live Mint  

New Delhi: As of now 18 states have passed legislative changes to implement the 28% Goods and Services Tax on online gaming, horse racing and casinos and all the remaining states have agreed to make the necessary changes which will have effect from 1 October, Revenue Secretary Sanjay Malhotra said at a briefing. Finance minister Nirmala Sitharaman told reporters that …

Parliament paves way for 28% GST on online gaming
1 year, 4 months ago

Parliament paves way for 28% GST on online gaming

The Hindu  

The Parliament on Friday cleared amendments to the Goods and Services Tax laws to facilitate the levy of 28% GST on the face value of all bets made in casinos, horse-racing and online gaming. Approved by the GST Council earlier this month, the legislative changes, moved through the Integrated GST Bill, 2023 and The Central GST Bill, 2023, include a …

GST Council sticks to its guns, imposes 28% tax on online gaming
1 year, 4 months ago

GST Council sticks to its guns, imposes 28% tax on online gaming

The Hindu  

The GST Council on August 2 blinked a little on technicalities and kept the door open for a review down the road, but stuck to its earlier decision to impose a 28% levy on the full face value of bets placed on online gaming, casinos and horse racing, with an eye on implementing it from October 1. Tamil Nadu Finance …

GST council meet: 28% tax on online gaming effective from Oct 1, announces FM
1 year, 4 months ago

GST council meet: 28% tax on online gaming effective from Oct 1, announces FM

Hindustan Times  

28% tax on online gaming to become effective from October 1, finance minister Nirmala Sitharaman announced on Wednesday. Union Finance Minister Nirmala Sitharaman with Union MoS for Finance Pankaj Chaudhary and Revenue Secretary Sanjay Malhotra during the 51st Goods and Services Tax Council Meeting. The finance minister said Delhi finance minister opposed the levy of the tax on online gaming …

Why Nazara Tech shares fall is limited while Delta Corp stock sheds nearly 30%?
1 year, 5 months ago

Why Nazara Tech shares fall is limited while Delta Corp stock sheds nearly 30%?

Live Mint  

The 28% GST rate imposed on the full value of online gaming stole the limelight after the 50th GST Council meeting. But the reason why the decline in Nazara Tech shares is limited is because the company does not major impact on this GST tax rate, unlike Delta Corp whose business heavily surrounds gaming and casinos. Nazara expects the 28% …

IT drags Sensex below 65,400, Nifty ends 55 pts lower; Infosys, Adani Ent shed
1 year, 5 months ago

IT drags Sensex below 65,400, Nifty ends 55 pts lower; Infosys, Adani Ent shed

Live Mint  

Share Market Today: Sensex and the Nifty ended in the red after a sharp fall towards the end with IT stocks dragging the market, while PSU Bank sector remained steady. Share Market Noon Update: Sensex and Nifty shed marginally after remaining in green most of the session; IT sector drags with gaming cos feeling the heat of GST decision View …

Delta Corp shares in focus after GST Council clears 28% tax on online gaming
1 year, 5 months ago

Delta Corp shares in focus after GST Council clears 28% tax on online gaming

Live Mint  

Shares of Delta Corp Ltd will be in focus on July 12 after the goods and services tax council at its 50th meeting on July 11 decided to levy a 28 per cent GST rate on the full value of gaming, horse racing, and casinos - which comes as a drawback to online gaming companies. "Will bring an amendment to …

28% GST on online gaming, horse racing, casinos on full face value. Explained
1 year, 5 months ago

28% GST on online gaming, horse racing, casinos on full face value. Explained

Hindustan Times  

The Goods and Services Tax Council decided to levy 28% GST on online gaming, horse racing and casinos at full value, Union Finance Minister Nirmala Sitharaman said after the conclusion of the council's 50th meet in New Delhi on Tuesday. Nirmala Sitharaman addressing the Press Conference after 50th GST Council meeting held today at New Delhi There were deliberations on …

Online gaming gst india gom report finance minister panel recommend 28 per cent tax
2 years, 1 month ago

Online gaming gst india gom report finance minister panel recommend 28 per cent tax

ABP News  

New Delhi: The panel of state finance ministers is likely to recommend a uniform GST levy of 28 per cent on online gaming irrespective of whether it is a game of skill or game of chance, sources said. The Group of Ministers, chaired by Meghalaya Chief Minister Conrad Sangma, had in its earlier report submitted to the Council in June …

IAMAI Urges GST Council To Keep 18% Tax On Online Gaming
2 years, 7 months ago

IAMAI Urges GST Council To Keep 18% Tax On Online Gaming

News 18  

The Internet and Mobile Association of India on Monday urged the GST Council to continue maintaining the GST on online gaming at 18 per cent and any further increase will hamper the overall wellbeing of the industry. Discussions are ongoing among various stakeholders to increase the GST rate to 28 per cent for the online gaming industry. This will also …

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