Nazara Gets GST Demand Notice Of INR 5.68 Cr

SUMMARY

The filing further read that the order had been passed due to the non-receipt of export proceeds within the stipulated time period

However, the company informed that it intends to file an appeal against the order within the prescribed time limits

The development comes close to its subsidiary NODWIN Gaming acquiring esports broadcasting platform StarLadder for an initial consideration of $5.5 Mn (INR 47.65 Cr)

Nazara Technologies has received tax demand notice of INR 5.68 Cr from goods and services tax authorities in Maharashtra.

The authorities have asked for INR 2.84 Cr in taxes and interest on the unpaid tax, while also imposing an additional penalty of INR 2.84 Cr.

Nazara said in an exchange filing yesterday (February 5), “….the company has received an order dated January 31, 2025 on February 04, 2025, from the Additional Commissioner, CGST & C. Ex, Mumbai South Commissionerate confirming a tax demand of INR 2,83,96,324…and levying a penalty of INR 2,83,96,324/- under Section 122(2)(b) of the CGST Act, read with Section 20 of the IGST Act.”

The filing further read that the order had been passed due to the non-receipt of export proceeds within the stipulated time period.

However, the company informed that it intends to file an appeal against the order within the prescribed time limits.

The development comes close to its subsidiary NODWIN Gaming acquiring esports broadcasting platform StarLadder for an initial consideration of $5.5 Mn (INR 47.65 Cr).

Among other recent developments, the company board last month approved the proposal to raise INR 495 Cr from Axana Estates LLP through a preferential allotment of shares.

Alongside this, its board also greenlit the acquisition of two popular game IPs from ZeptoLab to double down on its mobile gaming portfolio.