Top Stories
L&T Partners with PS Technology to Revolutionise Railways
6 mins read. August 2, 2024 at 12:45 PM
Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr
4 mins read. August 2, 2024 at 12:41 PM
Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr
4 mins read. August 2, 2024 at 12:36 PM

Nazara Technologies faces Rs 2.83 crore tax demand from DGGI Mumbai
On September 27, Nazara Technologies reported receiving a show-cause letter from the Director General of GST Intelligence in Mumbai regarding a tax demand of Rs 2.83 crore with interest and penalties.
This tax demand, however, has nothing to do with the ongoing problem of retrospective taxes that plagues India's real-money gaming industry. The company announced in a stock market filing that it would respond to the aforementioned show cause notice in accordance with the established deadlines.
"Nazara exported services under a letter of undertaking without payment of GST as per rule 96A of CGST Rules, 2017. As export proceeds have still not been received (on account of a force majeure event) section 2(6)(iv) does not comply, the sale of services can’t be treated as the export of services and hence company is responsible for paying IGST at 18% on the value of such services" the show cause notice states, as per the filing.
The company said, in the filing, there has been a delay in receiving the proceeds from the export of services due to unforeseen events beyond the company's control.
Related News

L&T Partners with PS Technology to Revolutionise Railways
6 mins read. August 2, 2024 at 12:45 PM

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr
4 mins read. August 2, 2024 at 12:41 PM

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr
4 mins read. August 2, 2024 at 12:36 PM

NBCC Arm Gets Two Construction Projects Worth Rs 443.61 Cr
4 mins read. August 2, 2024 at 12:33 PM
Download app
Access BlinkX
everywhere
across device
