Site icon TechNewsBoy.com

ED gaming investigation: Companies accused of cheating the government of ₹20,000 Crore | Digit

The Enforcement Directorate (ED) is currently investigating a bunch of gaming companies for tax evasion worth ₹23,000 Crore. The gaming industry in India has demonstrated tremendous potential for growth and widespread adoption, and this development is certainly a significant one as it includes many online gaming companies. Pankaj Chaudhary, the Minister of State for Finance, has confirmed that the investigation is underway. 

“The estimated evasion of GST by these companies works out of Rs 22,936 crore, relating to the period April 2019 to November 2022,” said Pankaj Chaudhary. He also confirmed that It assets totaling ₹289.28 crores have been taken by the authorities under section 37A of the Foreign Exchange Management Act, 1999.

Indian and international online gaming companies embroiled in tax evasion case

Responding to questions that were raised in the Lok Sabha, Pankaj Chaudhary said “CBIC (Central Board of Indirect Taxes and Customs) formations have initiated investigations against some gaming companies (including Online gaming companies) located in India as well as abroad,” said MoS Pankaj Chaudhary. “The estimated evasion of GST by these companies works out of Rs 22936 crores, relating to the period April 2019 to Nov. 2022.”

“In these cases, as of 06.12.2022, proceeds of crime of more than Rs 1,000 crore have been attached/seized/frozen under the provisions of Prevention of Money Laundering Act, 2002 (PMLA),” he added. 

The companies that are involved in the gaming tax evasion case have not been revealed as of now. This is presumably to prevent any disruptions in the investigation

About Me: Kajoli is a tech-enthusiast with a soft-spot for smart kitchen and home appliances. She loves exploring gadgets and gizmos that are designed to make life simpler, but also secretly fears a world run by AI. Oh wait, we’re already there.
Read More

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechNewsBoy.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – abuse@technewsboy.com. The content will be deleted within 24 hours.
Exit mobile version