Dream11 Tax Notice: Dream11 Got The Country’s Biggest Indirect Tax Notice Of Rs 40 Thousand Crores
Dream11 Tax Notice: Dream11 Got The Country’s Biggest Indirect Tax Notice Of Rs 40 Thousand Crores. Dream11’s parent company Dream Sports has filed a petition in the Bombay High Court against the tax notice of Rs 40 thousand crore sent to it.
Dream Sports has been issued a show cause notice for alleged Goods and Services Tax (GST) evasion and non-payment of GST at the rate of 28 percent, Money Control has informed in its report.
Also read:- Bangladesh’s Tamim Iqbal Dropped From ODI WC Squad Due To Back Injury
The Biggest Tax Notice Ever Sent To Dream11:-
According to this report, the indirect tax notice sending to Dream Sports (parent company of Dream 11) is worth around Rs 40 thousand crores.
Which is the largest indirect tax notice sending to any company in Indian history. However, according to the Economic Times, a tax notice of about Rs 25 thousand crore has been sent to Dream 11.
The Notice To Companies Regarding Tax Dues Of Rs 55 Thousand Crores:-
According to the report of Economic Times, The Directorate General of GST Intelligence (DGCI) has issued notices to 12 online real money gaming companies regarding tax dues of Rs 55 thousand crore. Out of this, a notice of Rs 25 thousand crore has been issued to Dream11 alone.
This tax notice sent to Dream 11 is much more than the notice of Rs 21 thousand crores sending to Gamescraft.
Fantasy sports giant Dream11 earned a net profit of Rs 142 crore on operating revenue of Rs 3841 crore in the financial year 2022-23.
The Dream11’s Valuation is More Than Rs 66 Thousand Crores:-
Dream11 has been among the leaders in the cricket fantasy gaming industry. It was founded by two Mumbai-based businessmen, Harsh Jain and Bhavit Seth. Harsh is currently the CEO of the company.
The popularity of IPL has played a huge role in the growth of Dream11. The market value of Dream XI is around $8 billion (more than Rs 66500 crore). There are more than 15 crore users on the Dream11 platform.
Read more:- When should Virat Kohli announce retirement? AB Devilliers told the right plan
Jain, who is a cricket fan. The idea of making Dream 11 was initially rejected by about 150 industrialists and no one supported him.