President Droupadi Murmu has formally provided her assent to two significant legislative measures, namely the Central Goods and Services Tax (Amendment) Bill, 2023, and the Integrated Goods and Services Tax (Amendment) Bill, 2023. These bills, which garnered parliamentary approval in recent times, have achieved the status of law with the President’s official endorsement.
The Central Goods and Services Tax (Amendment) Bill, 2023, is strategically crafted to introduce amendments to the existing Central Goods and Services Tax Act of 2017. Within its purview lie modifications to pivotal definitions and provisions, aimed at establishing harmonious alignment with the dynamically evolving technological and economic landscapes.
This legislative proposal notably incorporates definitions for critical terms such as “online gaming,” “online money gaming,” and “virtual digital assets.” It further clarifies the scope of “online gaming,” encompassing the offering of games over internet platforms or electronic networks, while also covering the realm of money gaming.
The Integrated Goods and Services Tax (Amendment) Bill, 2023, centers its objectives on refining the constructs of the Integrated Goods and Services Tax Act of 2017. This amendment pertains specifically to a distinct facet connected to online activities.
A pivotal revision instituted by this bill pertains to the exclusion of “online money gaming” from the ambit of “online information and data access or retrieval services.” This notable modification acknowledges the distinctive nature of online money gaming, recognizing its divergence from other categories of online services.
Collectively, these amendments stand as a testament to the government’s unwavering dedication to engaging with contemporary taxation and regulatory challenges. By accommodating the intricacies of online activities, these legislative measures contribute to a more comprehensive and current framework, addressing the intricacies of today’s taxation landscape.