The Supreme Court has agreed to hear urgent petitions from online gaming companies this Friday, as they seek a stay on Goods and Services Tax (GST) demands and related proceedings. There are concerns that the final hearing on the constitutional validity of the GST imposed on these companies could be lengthy, potentially leading to adverse … Read more
GST meeting: At the GST meeting, central and state tax officials are expected to present a detailed “status report” regarding taxation related to online gaming and similar activities. This report will specifically outline the collection of GST revenue from the online gaming industry both pre and post October 1, 2023. As of October 1, … Read more
The Income Tax department periodically updates tax return forms to gather additional information from taxpayers. In December 2023, ITR forms 1 and 4 were revised for Assessment Year 2024-25 to align with changes introduced by the Finance Act 2023 amendments. These modifications and reporting requirements were implemented by the Central Board of Direct Taxes (CBDT). … Read more
As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. “Certain members had raised the issue of retrospective taxation. It was informed to them that … Read more
The Goods and Services Tax (GST) Council may meet again next week to iron out some technical issues like repetitive taxation in determining the face value for online gaming and casinos before clearing the draft amendment in the goods and services tax law in the upcoming monsoon session. The discussion will be restricted to the … Read more
The crypto dilemma stems from concerns about the unregulated currency having a destabilising effect on the country. | Photo Credit: Getty Images/iStockphoto The story so far: The Investor Education and Protection Fund (IEPF) will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming. The need for the outreach is based on … Read more
The panel of state ministers set up by the GST Council to look into taxation of online gaming and casinos on Thursday submitted its report to Finance Minister Nirmala Sitharaman. The GST Council, chaired by Sitharaman, may take up the report in its next meeting on Saturday (December 17). “Presented the Second Report of the … Read more
As her classroom moved online during the pandemic, 16-year old Preeti (name changed) got a brand new mobile phone to carry on with her studies. With it came an introduction to social media and end-to-end chatting apps. The young girl from Alwar district of Rajasthan soon met Amit (name changed) on ShareChat and friendship blossomed, … Read more
Naturally, the bill has been talked about by the online gaming stakeholders. By Kunal Doley The online gaming industry—one of the few sectors to remain afloat amid the Covid-19 crisis—has opened new dimensions for players as well as platforms offering the games. With most people still preferring to stay indoors and entertainment options remaining few … Read more
Computer peripherals maker Logitech said on Tuesday it was seeing no let-up in demand from stay-at-home workers, after reporting higher operating income and sales at the start of its 2022 business year. Sales rose 66 percent to $1.31 billion (roughly Rs. 9,748 crores) during the three months to the end of June, up from $792 … Read more