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President Droupadi Murmu Grants Assent to Central and Integrated GST Amendment Bills, 2023

President Droupadi Murmu has officially granted her assent to two crucial pieces of legislation, namely the Central Goods and Services Tax (Amendment) Bill, 2023, and the Integrated Goods and Services Tax (Amendment) Bill, 2023. Both of these bills, which had recently received approval from the Parliament, have now become law with the President’s endorsement.

Central Goods and Services Tax (Amendment) Bill, 2023: Enhancing Definitions and Scope

The Central Goods and Services Tax (Amendment) Bill, 2023, is designed to introduce amendments to the existing Central Goods and Services Tax Act of 2017. This bill encompasses adjustments to key definitions and provisions to better align with evolving technological and economic landscapes.

  • Defining Online Gaming and Virtual Digital Assets: The bill adds definitions for crucial terms such as “online gaming,” “online money gaming,” and “virtual digital assets.” It clarifies that online gaming refers to the offering of games over the internet or electronic networks, encompassing money gaming as well.

Integrated Goods and Services Tax (Amendment) Bill, 2023: Refining Taxation in the Digital Age

The Integrated Goods and Services Tax (Amendment) Bill, 2023, is centered around refining the provisions of the Integrated Goods and Services Tax Act of 2017. This amendment focuses on a specific aspect related to online activities.

  • Exclusion of Online Money Gaming from Online Information Services: A significant amendment introduced by this bill is the exclusion of online money gaming from the definition of “online information and data access or retrieval services.” This alteration recognizes the unique nature of online money gaming in contrast to other forms of online services.

These amendments collectively reflect the government’s commitment to addressing contemporary challenges and opportunities in the realm of taxation and regulation. By accommodating the nuances of online activities, these bills contribute to a more comprehensive and up-to-date legislative framework.

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