Racing Financial News

Online gaming companies on Tuesday said that levying of 28 per cent GST will limit their ability to invest in new games, impact cash flows as well as business expansion. The GST Council has agreed to impose a 28 per cent tax on online gaming, casinos and horse racing. The tax would be levied on the full face value.

Iga Swiatek to reach the Wimbledon semi-finals on Tuesday, just three months after returning from maternity leave. The world number 76 came through 7-5, 6-7 (5/7), 6-2 despite being a break down in both of the first two sets against the reigning US Open and French Open champion. Svitolina, also a semi-finalist in 2019, will take on Marketa Vondrousova of the Czech Republic for a place in Saturday's championship match.

Online gaming industry stakeholders on Tuesday termed the 28% GST on the full value of gaming as «unconstitutional, irrational and egregious», saying that the move is a self goal that will kill the skilled online gaming sector in the country. The 50th GST Council has announced its decision to levy a 28% GST on online gaming, along with horse racing and casinos which comes as a drawback to online gaming companies. The GST will be applicable to gross revenue/total prize pool.

₹100 to play on ₹72 pot entry (28% Gross GST); and if they win ₹54 (after platform fees)- they will pay 30% TDS on that - for which they will get free swimming pool in their living room come the first monsoon - not happening ! It was good fun being part of the fantasy gaming industry - which stands murdered now. $10 Bn down the drain in this monsoon.

GST) Council on Tuesday decided to impose a 28% tax on the turnover of online gaming companies, horse racing and casinos, finance minister Nirmala Sitharaman said. The panel, headed by the Union finance minister and comprising of representatives of all states and UTs, decided on tax rate based on recommendation of a group of ministers that looked at taxing casinos, horse racing and online gaming.

GST Council on Tuesday agreed to levy a 28 per cent tax on online gaming, casinos and horse racing and the tax would be levied on full face value. West Bengal finance minister Chandrima Bhattacharya said the Council has also approved the exemption of GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.

While the Group of Ministers (GoM) in their previous meeting broadly agreed for the proposed taxes on the said activities, there was no consensus on online gaming as Goa proposed to impose only 18 per cent tax on platform fees.GST council agreed on there should be no distinction between game of skill and game of chance. A group of top online gaming firms represented by the FICCI Gaming Committee, however, urged the Central Board of Indirect Taxes & Customs (CBIC) not to hike the GST rate for the sector to 28 per cent as they cited it would be “extremely detrimental to the survival of the online gaming industry as no business operations can survive with such high taxation.”Tax on F&B in Cinema Halls

Red Hot Chili Peppers, Ms. Lauryn Hill and Megan Thee Stallion will headline this year’s Global Citizen Festival, as the anti-poverty nonprofit looks to focus attention on increasing inequality for girls and young women around the world

Kentucky racing officials have approved a rollout for sports betting, which will take effect when the NFL season begins in September

GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council — 50 steps towards a journey'.

The Associated Press.  On Monday, the US Army Corps of Engineers said they expected two dams to release water overnight, causing ‘severe flooding’ downstream likely to affect multiple towns.  Floods hit Vermont's state capital with Montpelier Town Manager Bill Fraser estimating Monday night that knee-high waters had reached much of downtown and were expected to rise a couple more feet during the night.  “For us, this is far worse than Irene. We got water but it went up and down. There were some basements flooded but it didn’t last long.

Hill Harper has announced that he is running for Michigan's open US Senate seat. Harper is also set to challenge US Rep. Elissa Slotkin for the Democratic nomination, as per reports. Harper is known for his roles on «CSI: NY» and «The Good Doctor». Harper is the sixth Democratic candidate to enter the race for retiring Democratic Sen. Debbie Stabenow's seat. Stabenow announced in January that she would not be seeking a fifth term in 2024 in the battleground state.

The UK government has revealed a swathe of financial services reforms in a bid to keep the City on top in the race for global capital.

The Punjab government has ordered the closure of schools till July 13 while in Chandigarh schools are closed till Thursday. Haryana too has ordered the closure of schools in some worst-affected districts till Wednesday. In other places of the state, the government has left it to the deputy commissioners to take a call on the matter after assessing the situation. Tracts of land near the Sutlej and Ghaggar rivers were inundated while distributaries and major canals were breached in some places in Punjab and Haryana damaging crops. As water gushed into houses in parts of the two states, authorities raced to bring affected people to safety. Breakdown in power and water supply in some of the worst-affected areas of Punjab and Haryana escalated people's problems. Mohali, Patiala, Rupnagar, Fatehgarh Sahib, Panchkula and Ambala are some of the worst-hit districts in the two states.

GST) council at its 50th meeting scheduled for tomorrow, July 11, is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming input tax credit (ITC). The GST Council is chaired by finance minister Nirmala Sitharaman and comprises a panel of state representatives.

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Former CNN reporter Saima Mohsin has launched a legal battle against the news channel, accusing them of unfair dismissal and racial discrimination following a serious injury she sustained while reporting in Israel. The British-Pakistani journalist was left with a disability after her foot was run over by her cameraman's car during coverage of the Israel-Palestine conflict in Jerusalem. The incident caused extensive tissue damage, making it challenging for her to sit, stand, walk, or return to work full-time.

Economic Times report. The billionaire businessman is planning to exit from the non-core business sector to focus fully on the company's niche areas.

Hewlett-Packard to Google, the tales of bootstrapped companies that have turned into giants have inspired generations of entrepreneurs. But the huge amounts of money and computing power needed for startups trying to make a go of it with today’s hottest technology, the artificial intelligence used in chatbots like ChatGPT and Google Bard, may be making those inspirational tales a thing of the past. In 2019, Aidan Gomez and Nick Frosst left Google to create an AI startup called Cohere that could compete with their former employer.

Brad Pitt appeared at the British Grand Prix 2023, where he is actively involved in shooting scenes for an upcoming Formula 1 feature film. Collaborating with Lewis Hamilton, a former Formula 1 world champion, for an Apple Original Films production, Pitt enjoys special privileges as the F1 organisation supports the project, granting the all-star cast and crew unrestricted access to various areas. CNN has reported that Pitt and his fellow actors will even capture their own pit stop sequence adjacent to the renowned race track.

Wimbledon. Let other players profess — feign? — humility. Let other players express caution in Week 1 that it's still way too early to be talking about the possibility of reaching the final at the end of the fortnight.