SC stays ₹5,712-crore GST notice sent to Paytm-owned gaming platform First Games
The Supreme Court has granted a stay on a ₹ 5,712-crore GST notice sent to fintech firm One97 Communications-owned real money gaming platform First Games, a regulatory filing said on Saturday.
The Directorate General of GST Intelligence, New Delhi had issued a show cause notice (SCN) to First Games in April.
"We hereby inform you that First Games has informed us on May 24, 2025 at 10:44 am (IST) that in the writ petition ...filed by First Games challenging the said SCN, the Hon'ble Supreme Court of India has on May 23, 2025 stayed the proceedings of the SCN," the regulatory filing said.
One97 Communications, which owns Paytm brand said the tax matter is an industry-wide issue and not limited to First Games and the matter is being heard by the apex
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
5 hours ago
- Mint
Ayodhya's land value soars: Circle rates hiked by 200%, highest near Ram Mandir
The circle rate of land in Ayodhya, where a Ram Temple was inaugurated in January 2024, has increased up to 200 per cent, depending on the use of land and location. The increase in rates has taken place first time after nearly eight years, the While the increase in rates was effective from 7 June, Saturday – a holiday but the registration of land accroding to new rates will begin from today, 9 June – when the offices open for normal work in the temple town. 'We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year,' District Magistrate, Ayodhya, Nikhil Funde was quoted as saying by the The Indian Express. Circle rate is the minimum price set by the government for property transactions in a particular area. These prices are used to determine stamp duty and registration fees, ensuring property transactions are not undervalued and that tax evasion is prevented. While the increase in rates was effective from Saturday – a holiday but the registration of land accroding to new rates will begin from today, 9 June – when the offices open for normal work in the temple town. The circle rates are determined by local administration and vary based on factors like location, property type, and infrastructure development. The circle rates in Ayodhya have not been increased for the past seven years despite a surge in land transactions and the rising market value of land ever since the 2019 ruling of the Supreme Court that paved way for the construction of the Ram Mandir in the Uttar Pradesh town. Ayodhya is undergoing an unprecedented transformation, driven by a substantial $6 billion investment in infrastructure, due to the inauguration of the Ram Mandir in 2024. This development has sparked a significant upswing in the real estate sector within the temple town, resulting in soaring property prices. Areas near the Ram Mandir where the market rate of land has increased manifold since the Supreme Court's Ram Mandir verdict have seen steepest hike in the circle rates. The highest hike of 200 per cent has been in villages like Tihura Manjha where the circle rate for 'agriculture' land since August 2017 ranged from ₹ 11 lakh to ₹ 23 lakh per hectare, The Indian Express the revised circle rate in effect from Monday, it has gone up to ₹ 33 lakh and ₹ 69 lakh per hectare. At Tihura Manjha village, actor Amitabh Bachchan had signed an agreement for two plots last year. We have approved the proposal for a hike in circle rate after considering the objections we had received on our proposal circulated in August last year. Each district's Collector can revise land values each year in August, according to a 2015 amendment to the Uttar Pradesh Stamp Act (originally passed in 1997). The revision takes into account land usage, irrigation availability, proximity to roads, markets, transport hubs, factories, schools, hospitals, government offices, and whether the land is in an urban, semi-urban, or rural area. Ayodhya is among 54 districts of Uttar Pradesh where the circle rate was last revised in 2017, the report said. In 21 districts, the rates were revised in 2023.
News18
5 hours ago
- News18
Stocks To Watch: HDFC Bank, Suzlon Energy, Tata Steel, BEL, Ambuja, And Others
Last Updated: Stocks to watch: Shares of firms like HDFC Bank, Suzlon Energy, Tata Steel, BEL, Ambuja, and others will be in focus on Monday's trade Stocks to Watch on June 9, 2025: Markets wrapped up the week on a positive note, gaining nearly a percent, supported by favorable domestic cues. In today's trade, shares of HDFC Bank, Suzlon Energy, Tata Steel, BEL, and MCX, among others, will be in focus due to various news developments. The capital markets regulator, SEBI, issued a corrigendum to its interim order in the insider trading case involving IndusInd Bank. Ambuja Cements In its latest annual report, Adani Group's Ambuja Cements highlighted that it contributes nearly 30% of the cement used for India's homes and infrastructure, making it the country's second-largest cement producer. Airtel Telecom operator Airtel has approached over 40 banks, as well as the RBI and NPCI, proposing a collaborative effort to curb digital frauds. The company aims to establish a unified front for sharing intelligence on known fraudulent financial domains. Reliance Infrastructure plans to 'turbocharge' its defense vertical in the coming years, focusing on aircraft upgrade programs. The company recently became the first private sector firm to independently execute a comprehensive aircraft upgrade program, traditionally dominated by public sector units and OEMs. It's targeting opportunities worth Rs 5,000 crore over the next seven to ten years. HDFC Bank's MD and CEO, Sashidhar Jagdishan, has been named in a complaint filed by the Mehta Family through Lilavati Kirtilal Medical Trust. The complaint alleges he received Rs 2.05 crore to harass a current trustee's father. HDFC Bank has dismissed the allegations as baseless and part of an attempt to derail loan recovery efforts. The Government has appointed Sat Pal Bhanoo as the CEO and MD of LIC for a three-month term starting Sunday. This comes after Siddhartha Mohanty completed his tenure, with the Ministry of Finance conveying the instructions on Saturday. Infosys Infosys announced that the Director General of GST Intelligence (DGGI) has closed pre-show cause notice proceedings against the company for FY 2018-19 to FY 2021-22, involving Rs 32,403 crore in GST claims. Tata Steel Tata Steel UK's annual £150 million export to the US faces a potential setback due to compliance issues in the UK-US steel trade agreement. The company has temporarily halted melting and pouring steel in the UK as it transitions Port Talbot from blast furnaces to an electric arc furnace, a requirement for tariff-free trade under current rules. Aditya Birla Group Aditya Birla Group's Indian paints venture has filed an antitrust complaint against Asian Paints for allegedly abusing its market dominance, according to Reuters. The complaint could trigger a legal clash between the two sector rivals. Suzlon Energy Promoters of Suzlon Energy may sell about 20 crore shares in a potential Rs 1,300 crore block deal next week, likely at a 2% discount to the current market price. This update comes after Suzlon reported a nearly five-fold jump in net profit in Q4FY25. Lupin Lupin has received tentative approval from the US FDA for its generic version of Oxcarbazepine Extended-Release (ER) Tablets in 150 mg, 300 mg, and 600 mg strengths. The drug, equivalent to Supernus Pharmaceuticals' Oxtellar XR, will be manufactured at Lupin's Nagpur facility in India. Nazara Technologies Nazara Technologies has completed the acquisition of gaming and entertainment company Smaaash Entertainment Pvt. Ltd. for Rs 126 crore, turning it into a wholly owned subsidiary, the company announced on June 6. Location : New Delhi, India, India First Published: June 09, 2025, 07:40 IST News business » markets Stocks To Watch: HDFC Bank, Suzlon Energy, Tata Steel, BEL, Ambuja, And Others
Economic Times
5 hours ago
- Economic Times
ID startups face data heat; Nykaa eases into qcomm
Happy Monday! Startups offering identity verification services are under the government's scanner. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Vibe coding needs more than vibes ■ Lenskart's IPO route■ Byju's in NCLAT ID please? MeitY verifies the verifiers The government is investigating startups offering identity verification services for potential unauthorised access to the Aadhaar, permanent account number (PAN) and goods and services tax (GST) databases. What's happened: The ministry of electronics and information technology (MeitY) is investigating firms, including Surepass, Digitap, Zoop, and Signzy, over concerns they may have bypassed authorised protocols to access confidential databases. In response, MeitY has blocked access to some of these companies' websites via telecom networks. Under the lens: Banks access the Aadhaar database under strict licence agreements to authenticate customers. The government is now probing how these services are offering verification services, and whether the routes they use are compliant. These platforms typically partner with financial institutions, consumer-facing startups and other entities to help them verify customers or businesses. Their services are used to detect fraud and assess clients for underwriting. Expert take: Some verification startups collect customer application forms from clients and then scrape databases to confirm identity. According to an industry insider, this data is often available through open websites, unsecured APIs or even the dark flagged a growing number of startups relying on such scraping techniques, potentially without proper authorisation. Yes, but: Companies such as Idfy, DigiO, Signzy and Datasutram are among the widely used in this space. However, only a few platforms have faced regulatory action so far, ET has learnt. Also Read: NPCI curbs unauthorised use of UPI IDs by fintech companies 'Quick commerce ops not hurting beauty biz, its aiding personal care' Adwaita Nayar, CEO, Nykaa Fashion As Blinkit, Zepto, and Instamart expand aggressively into beauty and personal care, Nykaa is taking a more slower, curated approach. Its pilot, Nykaa Now, is live in select areas of Mumbai, New Delhi, and Bengaluru, with a deliberate focus on personal care rather than its core beauty range. Driving the news: 'Nearly 80% of what we sell is beauty and 20% is personal care. Personal care is what's really picking up on quick commerce,' Adwaita Nayar, cofounder and CEO of Nykaa Fashion, told us in an interview. Why it matters: Beauty is among the most competitive ecommerce categories, and quick commerce platforms are seeing strong growth from impulse-driven beauty buys. Nykaa, however, is staying the course, pointing to its core category's reliance on depth, shade options, and browsing behaviour. 'People browse a lot of shades and products before they buy. The nature of quick commerce doesn't typically support that kind of assortment,' Nayar added. By the numbers: 30% year-on-year growth in Nykaa's beauty GMV over the past four quarters. Delivery time cut from four days to two. Same-day or next-day delivery is active in 100 cities. Nykaa Now orders are currently fulfilled via dark stores, with other models under trial. Also Read: Rapid fashion delivery gathers pace, but long-term viability in question Go deeper: Nykaa Now is designed as a separate merchandising layer, curated using demand signals and quick commerce-specific use cases. 'It's not about what Nykaa already sells, but what the customer really wants quickly. That's more likely to be personal care or gifting,' Nayar said. While Nykaa is actively improving fulfilment speeds platform-wide, Nayar remains sceptical of the 10-minute delivery rush. 'It's not about 10 minutes. But people's expectations for delivery speed globally are going up.' Also Read: Nykaa Q4 profit doubles to Rs 19 crore; revenue up 24% Why vibe coding needs more than vibes for enterprise-scale solutions In the age of artificial intelligence (AI), vibe coding is all the rage, with companies and tech celebrities touting it as a simple way to build websites and apps using just a prompt. But the founders ET spoke to are highlighting the flip side. What happened: Executives said the growing trend of vibe coding, where developers rely on AI prompts to generate code, is triggering increased scrutiny, more rigorous code reviews, and a heavier burden on senior engineers to guide younger colleagues. As AI takes over the mechanics of coding, the new wave of engineers entering the workforce often lacks core programming knowledge. This has led to subpar code that requires additional checks and rarely reaches production without significant rework. Also Read: AI 'vibe coding' startups burst onto scene with sky-high valuations Golden use case: Coding remains one of the most visible and impactful applications of AI. Around 30% of new code at Google and Microsoft is now AI-generated, and executives expect that share to grow over time.. 'There is an overdependence on LLMs, and this is leading to critical thinking issues,' said Nida Sahar, founder of bootstrapped cloud infrastructure platform Also Read: Vibe coding: A threat to software engineers? Other Top Stories By Our Reporters Piyush Bansal, CEO, Lenskart Lenskart becomes public limited company in preparation for IPO: Omnichannel eyewear brand Lenskart has become a public company in preparation for its public listing, changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. NCLAT rejects Byju's resolution professional's petition in Aakash shareholding row: The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed an appeal lodged by the resolution professional of Byju's parent, Think & Learn, against an interim order that mandated the maintenance of the status quo on the shareholding of Aakash Institute. Sundar Pichai answers who would be next Google CEO: Google chief executive Sundar Pichai, expects AI to play a critical role in the tech giant's future leadership at the Bloomberg Tech Conference. When asked whether a human or AI will run Google in the future, Pichai stated, 'I do think whoever is running it will have an extraordinary AI companion.' Computational thinking is key as AI reshapes software: Microsoft CEO Satya Nadella | In a recent conversation with tech YouTuber Sajjaad Khade, Nadella encouraged aspiring developers to concentrate on the fundamentals of software engineering, despite the increasing role of AI in coding. 'Just getting real fundamentals of software, if you're a software engineer, I think matters a lot,' Nadella said. 'To me, having the ability to think computationally is important.' Global Picks We Are Reading ■ Apple's struggles to update Siri lead to investor concerns over AI strategy (FT) ■ How Trump and Musk are still linked - despite falling out (BBC) ■ New apps help immigrants navigate Trump's deportation crackdown (Rest of World) Updated On Jun 09, 2025, 07:22 AM IST
