The Goods and Services Tax (GST) Council, at its meeting on Saturday, is expected to take up a key amendment _ that has the potential to resolve the vexatious issue of retrospective taxation for online gaming companies.
According to officials familiar with the development, this amendment to the central GST (CGST) Act, if implemented, will give both the Centre and states the power to waive GST dues that have not been paid due to legal ambiguity or on account of "general practices" consistently followed by businesses.
The proposed amendment, if implemented, may provide relief to online gaming companies facing ₹1.12 trillion in tax demands through over 70 notices. The proposal implies that online gaming companies could receive a waiver on the tax levied on gross gaming revenue prior to October 1, 2023, provided they have not paid those taxes. This also means any pre-deposits by these companies will not be refundable.
This story is from the June 19, 2024 edition of Business Standard.
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This story is from the June 19, 2024 edition of Business Standard.
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