Nazara Technologies shares down on tax demand

Nazara Technologies has received a tax demand of Rs 2.83 crore along with interest under section 50 of CGST and a penalty from the Director General of GST Intelligence, Mumbai

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Nazara Technologies stock opened 0.5 percent lower at Rs 822 on the NSE on September 28, a day after the Rekha Jhunjhunwala portfolio company was hit with a GST show-cause notice and tax demand, the latest gaming company to face such action.

According to a regulatory filing, Nazara Technologies received a tax demand of Rs 2.83 crore along with interest under section 50 of CGST along with a penalty from the Director General of GST Intelligence, Mumbai. The action is with respect to the export of services under LUT without realisation of export proceeds.

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Several gaming companies in India have been hit with huge GST notices this month, with the demand exceeding companies’ market cap in some cases.

Talking about the financial implications, Nazara Technologies said in the filing that “due to unforeseen events beyond the company’s control, there has been a delay in receiving the proceeds from the export of services. However, there is no indication to suggest that the Company will not eventually receive the entire export proceeds”. The company will respond to the showcase notice within the given timelines.

Also read: Nazara Technologies gets a tax demand of Rs 2.83 crore from DGGI Mumbai

Nazara is a gaming and sports media platform, with a presence in India as well as emerging and global markets like Africa and North America. Its offerings span various domains including interactive gaming, eSports, ad-tech and gamified early-learning ecosystems.

Over the past few months, the company has been on a fundraising spree, including the board’s approval for raising Rs 410 crore from SBI Mutual Fund through equity share issuance and allocation of shares worth Rs 100 crore to Zerodha co-founder Nikhil Kamath.

Rekha Jhunjhunwala is one of the big names invested in the company, with a 9.96 percent stake.

Also read: After Zerodha’s Kamath, Nazara Tech to raise more capital to scale up its verticals, says Nitish Mittersain

Talking to Moneycontrol recently, founder Nitish Mittersain said Nazara was already well capitalised. “It’s not that we are raising capital out of desperation or urgency. It’s something we want to do because we think the timing is good and therefore, what is equally important is the quality of the investor,” he said.

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