Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 251

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 251
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 the relevant government regulations, and
make cash contributions to the government-mandated defined contribution plan. Total expenses for the plans were $211,432 and $173,265
for the years ended March 31, 2024 and 2023, respectively.

The related contribution plans include:

Singapore subsidiaries

| — | Central Provident Fund (“CPF”) — 17.00% based on employee’s monthly salary for employees aged 
 55 and below, reduces progressively to 7.5% as age increase;                                  |

| — | Skill Development Levy (“SDL”) — up to 0.25% based on employee’s monthly salary capped $8.3 
 (SGD 11.25).                                                                                |

Malaysian subsidiary

| — | Social Security Organization (“SOSCO”) — 1.75% based on employee’s monthly salary capped of 
 RM 4,000;                                                                                   |

| — | Employees Provident Fund (“EPF”) — 12% based on employee’s monthly salary; and |

| — | Employment Insurance System (“EIS”) — 0.2% based on employee’s monthly salary capped of RM 4,000. |

<div align='center'>F-32

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Hong Kong subsidiaries

| — | Mandatory Provident Fund (“MPF”) — 5% based on employee’s monthly salary capped of HKD 30,000; |

Revenue represents the invoiced value of service,
net of applicable GST. The GST is chargeable on gross sales price. In Singapore, GST rate is 8% on gross sales price for calendar year
2023 and 9% for calendar year 2024. Entities that are GST-registered are allowed to offset qualified input GST paid to suppliers against
their output GST liabilities. Net GST balance between input GST and output GST is recorded in tax payable or receivable.

The Company accounts for income taxes in accordance
with ASC 740 U.S. GAAP for income taxes. The charge for taxation is based on the results for the fiscal year and adjusted for items, which
are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet
date.

Deferred tax is calculated using the balance sheet
liability method in respect