Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 348

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 348
---
 business entity.

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

| Balance at March 31, 2023                 |     | $ | (514,675 | ) |
| Recognized in profit or loss              |     |   |  669,869 |   |
| Recognized in goodwill                    |     |   |  (36,973 | ) |
| Foreign exchange differences reserve      |     |   |   (2,761 | ) |
| Balance at March 31, 2024                 |     |   |  115,460 |   |
| Recognized in profit or loss              |     |   |  359,472 |   |
| Foreign exchange differences reserve      |     |   |   31,407 |   |
| Balance at September 30, 2024 (unaudited) |     | $ |  506,339 |   |

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 September 30, 2024 and March 31, 2024, the Company did not have any significant
unrecognized uncertain tax positions.

Taxes payable consist of the following:

|                      |     |            | September 30, 
          2024 |     |   | March 31, 
      2024 |
|:---------------------|:----|:-----------|--------------:|:----|:--|----------:|
|                      |     | -Unaudited |               |     |   |           |
| GST taxes payable    |     | $          |         8,981 |     | $ |    64,166 |
| Income taxes payable |     |            |       959,273 |     |   |   952,977 |
| Totals               |     | $          |       968,254 |     | $ | 1,017,143 |

Note 16 — Concentration of Credit risk

(1)
Major customers

For the six
months ended September 30, 2024, customers A, C, and F are accounted for approximately 18%, 15%, and 18% of the Company’s total
revenue, respectively. For the six months ended September 30, 2023, customers A, C, and F are accounted for approximately 13%, 14%,
and