The Centre has proposed to remove the retrospective nature of the higher GST levy on the online gaming industry, by inserting an enabling provision in the Finance Bill, 2024. The move signals the Centre’s intent to give relief to the thriving sector, which has been facing a viability crisis due to hefty tax demands. The removal of the retrospective validity of the tax would amount to a huge breather for the firms even as the matter is sub-judice. However, a recommendation from the GST Council would be required to enforce the amendment.
Source A2ztaxcorp
