Also in this letter:
■ The Moldovan government is proposing a peak GST of 28% on casino betting components only.
■ Rupa & Co heirs take over Cloudtail’s home, kitchen and sports business.
■ Mastercard will replace Paytm as the title sponsor of BCCI.
Bangalore Institute creates “open source Aadhaar” for developing countries
Center in Bangalore expands unique identification programs such as Aadhaar for developing countries.
How? The International Institute of Information Technology Bangalore (IIIT-B) has developed an open source core identity platform called Modular Open Source Identity Platform (MOSIP) which is currently in use in six countries – Sri Lanka, Morocco, Philippines. , Guinea, Ethiopia and the Togolese Republic to provide digital identification to their citizens. The West African nation of Sierra Leone will soon join them.
The programs are supported by the Bill & Melinda Gates Foundation (BGMF), Tata Trusts, Norad and Omidyar Network, which together provided funding of Rs 150 crore.
Infosys co-founder Chris Gopalakrishnan’s Pratiksha Trust also contributed $1 million to the project.
By numbers: To date, 71 million citizens have been registered with MOSIP in the Philippines, of which 50 million have been issued with identity cards. In Morocco, out of a population of 36 million, 150,000 have received unique identification numbers.
IIIT-B intends to reach a billion people in the next couple of years of the three billion people worldwide who have no identity, its officials told ET.
Other countries that have shown interest in using MOSIP are Uganda, Nigeria, Samoa and Tunisia.
IIT-B is also evaluating new technologies beyond fingerprint, iris and face, such as voice biometrics, for use cases for national identifiers.
IIT-B is a non-profit society incorporated under the Karnataka Societies Registration Act, 1960. It is governed by a council, of which Gopalakrishnan is the chairman.
GoM offers a peak 28% GST for the casino betting component only.
The Group of Ministers (GoM), set up to revise the Goods and Services Tax (GST) for online gaming, horse racing and casinos, has proposed the peak tax of 28% is charged only on the actual betting component for the casino and not all remuneration, which may include other related goods and services.
No Goa: Goa opposed an earlier recommendation by the Mexican government to tax casinos on gross income and demanded a review. The Government of India has recommended a flat GST of 28% for online gaming, horse racing and casinos.
Currently 18% GST is charged on casinos, horse racing and online games that do not involve wagering or gambling. The rate is 28% for online games related to betting or gambling.
Goa’s objection was that a bet of 28% on the full face value of chips or coins bought from a casino would hit the sector hard if the entire amount was not spent on betting.
The GST Council, at its meeting on June 28-29, asked Meghalaya Chief Minister Konrad Sangma at the head of government to reconsider its recommendations at Goa’s request.
What’s next? People involved in Monday’s government discussions in Bangalore said that if some of the members were unable to attend the meeting, the recommendations would be sent for their approval.
The final recommendation is likely to be presented to the GST Council along with the Council’s legal committee observation on August 10th.
Quotes: Samir Barde, CEO of the Electronic Games Federation (EGF), said: “While we wait for the official announcement, we hope that the Moldovan government considers that the introduction of 28% GST on GGR (gross gaming revenue) will significantly affect the industry by increasing the tax burden . at the level of 55%. Ideally, we want it to stay the same at 18% GGR, in line with international best practice.”
ET Ecommerce Index
We launched three indexes – ET Ecommerce, ET Ecommerce Profitable and ET Ecommerce Non-Profitable – to track the performance of newly listed technology companies. This is how they have lived so far.
Descendants of Rupa & Co take over Cloudtail’s home, kitchen and sports business
Kolkata-based clothing manufacturer Rupa and the company’s third-generation promoters Siddhant Agarwal and Aparesh Agarwal have launched a new merchant business called RetailEZ on Amazon India, sources told us.
The new entity is taking over Cloudtail’s home and kitchen business from vendors and suppliers, sources said.
RetailEZ is among the many new merchants taking over the Cloudtail business following Amazon’s acquisition of the latest Prione’s parent company.
Cloudtail was the biggest seller on Amazon and the online store closed it after acquiring a 100% stake in Prione, because existing regulations do not allow the organization operating the online marketplace, or companies within its group, to own shares in any seller on the platform or control its inventory.
Rupa and Co Chief Financial Officer Ramesh Agarwal confirmed the development and clarified that RetailEZ is a separate entity that will not be affiliated with the publicly listed company.
Mastercard to replace Paytm as title sponsor of all BCCI matches in India
Mastercard, a global payment and technology company, is going to replace the Indian digital payments unicorn Paytm as the title sponsor of all international and domestic cricket matches organized by the Board of Control for Cricket in India (BCCI).
The board has accepted Paytm’s request to transfer title sponsorship to Mastercard, valid until 2023, two people with direct knowledge of the deal said. This marks the company’s premature exit after a seven-year partnership with BCCI.
“Paytm asked to exit the trade and Mastercard was willing to enter at the same price,” one source said. The BCCI has accepted the proposal and contracts are being finalized. According to him, they should be signed within another 5-10 days.
In August 2019, Paytm extended its title sponsorship deal with BCCI for four years with a winning bid of Rs 326.80 crore or Rs 3.80 crore per match.
He first signed a title sponsorship deal with BCCI in 2015 for Rs 203 crore for four years, or Rs 2.4 crore per match, and the new deal was 58% higher.
Zomato market cap falls below latest private valuation as lock expires
Online food delivery platform Zomato’s share price fell over 14% to hit a lifetime low of Rs 46. in the early hours of trading on the BSE on Monday, pushing its market capitalization below its latest private estimate of $5.5 billion.
Shares rebounded slightly to close at Rs 47.55, down 11.37% on the day.
Why? The mandatory lockup for promoters, employees and other shareholders who bought shares before the IPO ended on July 23, one year after they were listed.
More than 613 crores of Zomato shares have been blocked since the distribution date, which is about 78% of the total shares.
Reject: On July 23, 2021, Zomato had a stunning listing on the Indian stock exchanges. Its shares are up as much as 83% from an IPO price of Rs 76 at some point on opening day after listing at Rs 115 a share – a premium of more than 50% of the issue price.
But since then, its share price has declined—sometimes quickly.
Zomato shares are down 28% over the past month, compared to a 1.12% drop in the ET Ecommerce Index or a 2% drop in the ET Unprofitable Ecommerce Index. Over the past three months, Zomato shares have fallen 37%, compared to a 13% drop on the ET Ecommerce Index or 12% on the ET Lost Ecommerce Index.
Other top stories from our reporters
Tech Mahindra’s first-quarter net income down 16.4%: Consolidated net income of Tech Mahindra fell 16.4% year on year to Rs 1,132 crore in the first fiscal quarter. deeper than analysts had expected, based on higher personnel and subcontracting costs. Revenue rose 24.6% to Rs 12,708 crore, beating analysts’ estimates.
Former L&T Infotech executive joins private equity firm: Former head of Larsen and Toubro Infotech Sanjay Jalona has joined private equity firm ChrysCapital Funds. as an operating partner for investments in the business services sector. Jalona will be based outside the US and will work closely with the advisory group, according to a press statement.
Si Vijayakumar of HCL Tech is the highest paid CIO in India: HCL Technologies CEO Si Vijayakumar is the highest paid CEO ranks among India’s top IT services firms with annual salaries in excess of $16 billion thanks to a two-year incentive worth $12.5 billion, the company said in its annual report.
The Global Elections We Read
■ The struggle between authors and librarians is tearing book lovers apart (Washington Post)
■ Russia is slowly building up its Internet censorship machine (wired)
■ Instagram is fueling the austerity boom in India, Bangladesh and Nepal. (The rest of the world)