The show cause notices were sent by the Director General of GST Intelligence, Kolkata, to Openplay Technologies and Halaplay Technologies on Tuesday, July 16, for proposed liability of Rs 845.72 crore and Rs 274.21 crore, respectively, the exchange filing revealed.
These claims are in relation to the calculation of GST based on the sums pooled by players as opposed to gross gaming revenues, the company filing said in response to the show cause notices sent to its subsidiaries. “Both subsidiaries are reviewing the notices with their legal counsels and tax advisors to determine their future course of action,” it said further.
For the quarter ended March 2024 (Jan-March 2024), these subsidiaries collectively contributed less than 2% of its revenues and less than 1% of its profit, the exchange filing said.
Nazara Technologies shares ended at Rs 923.20 on the NSE on Tuesday, up by Rs 16.65 or 1.84% over Monday’s closing price.Indian equity markets are shut on Wednesday on account of the Muharram holiday. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)