More than half of online gaming companies in India saw their revenues stagnate or decline after the government imposed a 28% GST last year. This finding comes from a report by EY and the US-India Strategic Partnership Forum (USISPF), which surveyed 12 companies. Before October, online gaming didn’t have a specific tax rate, and companies usually paid 18% GST on the platform fee or commission from user deposits. The report, titled “Impact of new GST law on skill-based online games,” highlights the challenges faced by the sector after the new tax rate was applied. Gaming Companies’ Revenue Decline After 28%…
Author: Editorial Team
The National Highways Authority of India (NHAI) is preparing to invite bids for 15 road projects in the fiscal year 2025. NHAI plans to offer Rs 44,000 crore road projects spanning 900 kilometers under the build-operate-transfer (BOT) model. In this model, private companies build and operate the roads and then transfer them back to the government after a set period. This initiative could signal a revival of public-private partnership (PPP) projects in highway construction, involving government and private sector collaboration. Government Amendments Boost Private Sector Interest in Road Projects Earlier this year, the government significantly changed the model concession agreement…
Ahmedabad’s venture capital firm GVFL, previously known as Gujarat Venture Finance Limited, has announced the first phase of funding. GVFL’s new seed-stage fund, Prarambh, marks its first close at INR 100 crore, with a total fund size of Rs 200 crore. The firm plans to invest in 25-30 early-stage startups this year, focusing on sectors like B2B software-as-a-service (SaaS), health technology, agriculture technology, climate technology, and deep technology. Each investment is expected to range from Rs 1 crore to Rs 3 crore on average. GVFL’s Seed Stage Fund Hits First Close at INR 100 Cr GVFL, based in Ahmedabad, has…
The GST council is expected to discuss a key change on Saturday. GST Council may revoke retrospective tax demands on online gaming companies. Officials say this change to the central GST (CGST) Act will allow the Centre and states to waive unpaid GST due to legal confusion or common business practices. The law committee suggested this change to fix problems where companies paid lower taxes due to confusion over the law. GST Council May Remove Retrospective Tax Demands on Online Gaming Companies The GST Council is considering a new rule that could cancel past tax demands for online gaming companies.…
Nvidia CEO Jensen Huang has seen his wealth significantly increase recently. According to Forbes ‘ real-time billionaire list, his net worth rose by more than $4 billion, making him the 11th wealthiest person in the world. Nvidia’s success in leveraging artificial intelligence (AI) has propelled the company to become the most valuable publicly traded company. On June 18, Nvidia’s stock saw a more than 3% increase, further boosting Jensen Huang’s net worth to approximately $119 billion, marking his highest position on the billionaire list. Jensen Huang’s Journey Jensen Huang has been at the helm of Nvidia since co-founding the company…
Food delivery company Zomato and financial tech company Paytm have confirmed they are in talks about Zomato acquiring Paytm’s movies & events business. Both companies mentioned this in official statements on Monday. Zomato said, “We are discussing this deal with Paytm, but no final decision has been made yet that needs approval from our board or requires a formal announcement.” These talks are part of their plan to strengthen their entertainment-related services. Zomato to Acquire Paytm’s Movies & Events Business Zomato is in talks with Paytm about buying its movie and ticketing business to strengthen its entertainment services. Both companies…
Google launched the Gemini mobile app in India specifically for Android users. This app is designed to be accessible in nine Indian languages in addition to English. Google CEO Sundar Pichai announced on X (formerly Twitter) that the new app is a big step towards making a smart and helpful AI assistant. The goal is to make it easy for users to interact and get help in different ways. He also highlighted that Google plans to extend support for these local languages to Gemini Advanced, introduce new features, and integrate Gemini into Google Messages, initially in English. This initiative aims…
Fitch Ratings recently upgraded India’s economic growth forecast for the current fiscal year, which means the period from April 2024 to March 2025. Fitch has raised India’s growth estimate to 7.2%, up from their previous estimate of 7%. This revision is due to consumer spending improvements and higher investment levels across various sectors. Moreover, Fitch has projected growth rates of 6.5% and 6.2% for the fiscal years 2025-26 and 2026-27, respectively. This indicates Fitch’s expectations for the pace of economic expansion in India over the next few years, reflecting their assessment of factors like consumer behavior, business investment trends, and…
Vodafone Idea (Vi) is India’s third-largest telecom operator. According to reports, Vodafone Idea seeks a Rs 23,000 crore term loan and an additional Rs 10,000 crore in bank guarantees. This funding is crucial for Vi’s strategy to compete with larger telecom rivals like Reliance Jio and Bharti Airtel. Both Reliance Jio and Airtel have already deployed pan-India 5G networks. Vi Plans Major 5G Rollout While Prioritizing 4G Expansion Vi has been contemplating a significant rollout of 5G services over the next six months. The company plans to invest between Rs 50,000 crore and Rs 55,000 crore over the next three…
According to sources, Oyo secured Rs 1,000 crore in funding from the Indian family offices of top Indian corporate executives and stock market experts. Expected investors include corporate strategy advisor and former Reliance Industries senior executive Anand Jain, Mankind Pharma promoters Ramesh and Rajeev Juneja, and Utpal Sheth, a close associate of the late market expert Rakesh Jhunjhunwala. Family offices are becoming a key source of capital for modern companies. Oyo, which recently withdrew its IPO application, will hold an extraordinary general meeting (EGM) on Tuesday to approve the fundraising after increasing its authorized share capital. The Economic Times has…