Key highlights of the publication
- Important updates/announcements: According to the outcome of the 50th and 51st GST Council meetings, necessary amendments have been notified under the GST law that are yet to come into force. These amendments clarify the taxability of online gaming, casinos, and horse racing.
- Key judicial pronouncements: On the judicial front, the Supreme Court (SC) has issued ad interim stay on the Karnataka HC judgement in the case of Gameskraft Technologies Private Limited, wherein the HC quashed the show cause notice proposing the demand of approx. INR 21,000 crore.
- Important developments in direct taxes: On the direct tax front, the Central Board of Direct Taxes (CBDT) has introduced a new rule for computing taxable income from specific life insurance policies. Also, the CBDT has substituted the rule that prescribes an exchange rate for withholding tax on certain foreign payments.
