Exploring the Impact of Kerala’s Amendment to GST Act on Online Gaming Industry

In a move to adapt to the evolving landscape of digital transactions and online activities, the Governor of Kerala promulgated the Kerala State Goods and Services Tax (Amendment) Ordinance, 2023. This ordinance introduces crucial amendments to the Kerala State Goods and Services Tax Act, 2017, aimed at regulating the burgeoning sector of online gaming, particularly online money gaming.

CBDT clarifications regarding ITR filings

Individuals and HUFs not having income from business or profession [and not eligible for filing ITR Form-1 (Sahaj)] can file ITR-2, while those having income from business or profession can file ITR Form- 3. ITR-4 (SUGAM) is for resident individuals, HUFs and Firms (other than LLP) having total income up to Rs. 50 lakh and having income from business and profession computed under section 44AD, 44ADA or 44AE. Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form- 5. The companies other than those claiming exemption under section 11 can file ITR Form-6.

Karnataka Goods and Services Tax (Second Amendment) Act, 2023

Karnataka Goods and Services Tax (Second Amendment) Act, 2023, introduces comprehensive amendments to the existing tax legislation, addressing various aspects of online gaming, money gaming, specified actionable claims, and virtual digital assets.

Interim Budget 2024-25: Steering India Towards Sustainable Growth

The same tax rates for direct taxes, indirect taxes and import and export duty shall be retained. The tax benefits on investments made by sovereign wealth or pension funds, income of some IFSC units and start ups shall be valid till 31.03.2025. Outstanding direct tax demands up to twenty-five thousand rupees (₹ 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (₹ 10,000) for financial years 2010-11 to 2014-15 is withdrawn.

FSSAI & Customs Raids Fizzled Out Beer in Delhi

During the inspection, discoveries were made as a Food Business Operator (FBO) was found harboring a substantial stockpile of 45 metric tonnes of expired beer from a popular brand. With an estimated value of Rs. 1 crore, the expired products were promptly seized by FSSAI.

Maharashtra Goods and Services Tax (Second Amendment) Act,

“online money gaming” means online gaming in which players pay or deposit money or money’s worth, including virtual digital assets, in the expectation of winning money or money’s worth, including virtual digital assets, in any event including game, scheme, competition or any other activity or process, whether or not its outcome or performance is based on skill, chance or both and whether the same is permissible or otherwise under any other law for the time being in force. The following clause shall be inserted, namely specified actionable claim” means the actionable claim involved in or by way of betting, casinos, gambling, horse racing, lottery or online money gaming.

Special Procedure for Registered Manufacturers under Delhi GST Act, 2017

The Notification outlines a special procedure to be followed by registered persons engaged in manufacturing specific goods under the Delhi Goods and Services Tax Act, including requirements for furnishing details of packing machines, maintaining additional records, and submitting a special monthly statement.