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GST Council proposes amendments to enable govt waive retrospective tax dues
The Goods and Services Tax (GST) Council which met on June 22 recommended an amendment to the Central Goods and Services Tax (CGST) Act, 2017, that would enable the government, on the recommendation of the GST Council to regularize non-levy or short levy of GST, where tax was being short paid or not paid due to common trade practices. While the proposal is not directed to any online money gaming which is struggling with retrospective tax notices. The entire online money gaming sector was paying tax on Gross Gaming Revenue while the department is claiming tax on the full-face value of the wager.
The matter is before the Supreme Court and will the court resumes from vacation. The apprehension here is even if the department wins the case in the apex court, the tax dues will be several times the annual revenues and net worth of the companies involved making recovery impossible. The skill gaming companies that received tax notices include Dream11 owner Dream Sports, Gameskraft, Games24x7, Delta Corp’s Deltatech Gaming, and Head Digital Works (A23). The amendment, once passed by the parliament and state legislatures, is expected to enable the government to waive the tax dues providing relief to India’s sunrise money gaming sector. The sector also anticipated a review of the 28 percent tax levy which became effective from 1 not discussed. We reported earlier that the government is not inclined to review the new tax regime that has been generating good tax revenues since implementation.
Indian electrician wins AED 1 million in Dubai National Bonds draw through consistent savings
Nagendrum Borugadda, a 46-year-old electrician originally from Andhra Pradesh, India, has won Dh1 million in a National Bonds draw after consistently saving Dh100 each month since Tuesday, Borugadda achieved this through years of diligent saving and prudent investments. institution known for its savings schemes. “I family and provide good education to my children. This win feels surreal,” Borugadda disbelief and gratitude.
In a related story, earlier in May, Payal, a 34 JULY 2024
prize at the Dubai Duty-Free Millennium draw. Payal, the fortunate winner, purchased ticket number 3337 online on May 3rd, using money gifted by her husband, Harnek Singh, on their 16th wedding anniversary.
“The money I used to buy the winning ticket came from my husband, who gave me Dh1,000 on our 16th wedding anniversary on April 20. I decided to purchase a DDF ticket online with most number 3s in it,” Payal said.
This win marks the 229th instance of an Indian claiming a prize in the monthly draw. Payal, who has been purchasing Dubai Duty-Free tickets for the past 12 years, usually alternates the names on the tickets between hers, her husband’s, and their children’s whenever they travel.
Poker Sports League
announces 6th season, streaming partnership with JioCinema
The world’s premier poker competition, the Poker Sports League (PSL), is set to return for its Season 6, Building on the success of Season 5, which earned over 12.5 million views — a sixfold increase from the previous season — PSL continues to solidify its position as a global poker powerhouse.
and Founder Pranav Bagai expressed enthusiasm about the upcoming season. “PSL Season 6 is positioned to surpass even greater heights and promises unparalleled excitement, for all poker enthusiasts. This season, we’re not standards,” Bagai stated.
Season 6 of the Poker Sports League (PSL) brings highlights and exciting developments. Notably, the league has expanded from six to seven teams, showcasing India’s top professional poker players. Aspiring players across India have the opportunity to compete in eight daily tournaments over a span of 45 days to accumulate leaderboard points. The top 42 players on the Pocket52 PSL leaderboard will earn spots on one of the teams, while the top 1000 participants will receive prizes worth over engagement, the league has introduced Hindi commentary on JioCinema, aiming to broaden its appeal and improve the viewing experience. saw participation from over 5,000 players in the pool of INR 2 crores.
Bagai highlighted the importance of PSL’s partnerships: “We are immensely excited to announce continuing our successful partnership with JioCinema and Pocket52. This year, we are not only increasing the prize pool but also expanding the number of teams from six to seven, promising an exciting event that will engage and entertain audiences like never before.”
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