The gaming industry in India is facing tax woes as the GST department issued pre-show cause notices to several cash flow-rich firms in the sector. One of the notices, amounting to an estimated Rs 25,000 crore, was served to fantasy sports company Dream11, making it the largest indirect tax notice in India. This move has sparked legal disputes and challenges from the gaming companies, who argue that the tax demands are retrospective and unfair. The Supreme Court will conduct further hearings on the matter on October 10.
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FinMin notifies Oct 1 date for implementing amended GST law provisions for e-gaming
According to the changes to the Central GST Act, these supplies will henceforth be treated as "actionable claims" similar to lottery, betting and gambling and subject to 28 per cent Goods and Services Tax (GST) on full face value of bets.
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Festive fever may light up ecommerce sales by 16%
Sales in terms of gross merchandise value are likely to be between $9.7 billion and $11 billion this festive season, rising roughly 15-16% from a year earlier, according to data. Companies are betting on premiumisation and non-urban markets.
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IBM tries to ease customers' qualms about using Generative AI
IBM on Thursday announced its campaign to ease customers' qualms. The company said it would indemnify companies against copyright or other intellectual property claims for using its generative AI systems.
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AI startup AlphaSense valued at $2.5 billion after latest funding round
Market intelligence platform AlphaSense has raised $150 million in a fresh round of funding that boosted its valuation to $2.5 billion, underscoring strong demand for artificial intelligence (AI) startups.
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Tax officers visit factory, Bengaluru office of China's Lenovo
The officials inspected laptops of Lenovo employees during the visit, one of the sources said. They also tried to contact Lenovo's senior management during and after the visit as part of the inquiry, the person added.
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Gaming startup QuriousBit raises $2 million in funding from Lumikai, General Catalyst
The funds will be used to expand the team size, currently at seven, in product and system development and in marketing its games. QuriousBit did not disclose the valuation at which the firm raised the funds.
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