Tax authorities are currently investigating cases of GST evasion amounting to approximately Rs 23,000 crore by gaming companies from April 2019 to November 2022, according to Minister of State for Finance Pankaj Chaudhary. In response to a question in the Lok Sabha, Chaudhary stated that the Enforcement Directorate (ED) has seized proceeds of crime exceeding …
The wearable devices market in India experienced a strong growth of 53.3 percent in the first half of 2023, with a total shipment of 57.8 million units, according to data released by the International Data Corporation (IDC). The IDC is a global provider of market intelligence and advisory services. In the second quarter of 2023, …
The Digital Personal Data Protection Bill 2023 was successfully passed by the Rajya Sabha on Wednesday through a voice vote, after the opposition members walked out due to the Manipur issue. Prior to this, the Lok Sabha had already approved the bill on Monday. This significant bill, which follows the Supreme Court’s recognition of “Right …
Tesla is considering the possibility of establishing a plant in India, and officials have requested the company to follow Apple’s footsteps in partnering with local firms that have ties to Chinese suppliers. This information comes from three government sources who are directly involved in the matter. For the past few weeks, Tesla has been engaged …
The market share of foldable smartphones in the ultra-premium segment, priced above Rs. 45,000 each, is predicted to grow significantly to 35 percent in India, according to a report by Counterpoint Research. Counterpoint Research states that foldable smartphones held an 8 percent market share in the first half of 2023. “By the end of 2025, …
India’s eRupee central bank digital currency (CBDC) venture is poised to take a significant leap forward. The Reserve Bank of India (RBI) is preparing to enable CBDC payments through existing UPI QR codes, bringing added convenience to the use of India’s national digital currency. This development has been in the works for some time, and …
In a recent development, the Goods and Services Tax (GST) council has announced a 28 percent tax on online gaming, casinos, and horse racing. This decision has raised concerns among industry stakeholders including investors, gaming companies, and others, who worry about the impact of this tax on businesses, industry jobs, and foreign investment. Consequently, more …
Chinese smartphone manufacturers, namely Oppo Mobile, Vivo India, and Xiaomi Technology, have been implicated in tax evasion amounting to Rs. 9,000 crore in India. This revelation was made in Parliament on Friday by Rajeev Chandrasekhar, the Minister of State for Electronics and IT. The data provided by Chandrasekhar in the Rajya Sabha indicates that between …
Google announced on Wednesday that the Indian court’s ruling, which mandates a 4% in-app payment fee for Disney’s streaming service in the country, is a temporary measure until the court proceedings are concluded. This development marks the latest and most prominent challenge to Google’s policy of imposing a “service fee” ranging from 11% to 26% …
India’s finance ministry has received a letter from over 100 gaming companies expressing their concerns about the new 28 percent tax on online gaming firms. These companies argue that this tax will hinder foreign investment and put the $2.5 billion already invested in the sector at risk. The tax specifically targets the funds collected by …