Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 283

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 283
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 as of March 31, 2023, due to its unlimited carryforward
period and expectation that the NOL will be realized before expiration.

Movement in deferred tax assets (liabilities) are as following:

| Balance at April 1, 2022               |     | $ |   33,989 |   |
| Recognized in profit or loss           |     |   |  253,166 |   |
| Recognized in goodwill                 |     |   | (806,140 | ) |
| Foreign exchange differences reserve   |     |   |    4,310 |   |
| Balance at March 31, 2023              |     |   | (514,675 | ) |
| Recognized in profit or loss           |     |   |  669,869 |   |
| Recognized in goodwill                 |     |   |  (36,973 | ) |
| Foreign exchange differences reserve   |     |   |   (2,762 | ) |
| Deferred tax assets (liabilities), net |     | $ |  115,459 |   |

The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits
associated with the tax positions. As of March 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain
tax positions.

Taxes payable consist of the following:

|                      |     |   | March 31, 
      2024 |     |   | March 31, 
      2023 |
|:---------------------|:----|:--|----------:|:----|:--|----------:|
| GST taxes payable    |     | $ |    64,166 |     | $ |    39,640 |
| Income taxes payable |     |   |   952,977 |     |   |   929,661 |
| Totals               |     | $ | 1,017,143 |     | $ |   969,301 |

<div align='center'>F-51

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 15 — Concentration of Credit risk

| (a) | Major customers |

For the year ended March 31, 2024, customers
A, F, B and C from the Company’s distribution of console