The fiscal implications of GST rationalisation
Representational image. (iStockphoto)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
4 minutes ago
- India Today
Gaming Bill will save society from harmful effects of online money games: PM Modi
Prime Minister Narendra Modi welcomed the new Online Gaming Bill, saying it would not only boost the development of esports but also curb the harmful effects of online money games. He emphasised that the Bill, passed by both Houses of Parliament, would lay the foundation for India to emerge as a global hub of gaming, innovation, and Online Gaming Bill, officially known the Promotion and Regulation of Online Gaming Bill, prohibits the operation, facilitation, and advertising of online money games, as the government seeks to tackle the growing issues of addiction, money laundering, and financial fraud associated with such the same time, the Bill clearly distinguishes between skill-based activities, such as esports, and real-money gaming, thereby opening the door for greater structure, investment, and legitimacy within the esports sector. "This Bill, passed by both Houses of Parliament, highlights our commitment towards making India a hub for gaming, innovation, and creativity. It will encourage esports and online social games. At the same time, it will save our society from the harmful effects of online money games," PM Modi wrote on X, responding to a post from Ashwini Vaishnaw, the Union Minister for Electronics and Information Technology, on the benefits of the new Bill grants legal recognition to esports, with the government pledging to launch schemes and programmes to promote the Union Minister underscored the grave harms caused by online money gaming, warning that young people and children are increasingly falling prey to addiction, leaving families devastated. He highlighted alarming instances of massive fraud, mounting credit card debt, and even suicides linked to such games. Concerns around money laundering and terror financing were also flagged, along with the role of misleading celebrity endorsements that lend these platforms a false sense of clampdown has been Bill explicitly prohibits the offering of online money games and related services, making it unlawful for any individual to offer, aid, abet, induce, or engage in such activities. It further bans advertisements across all media platforms, including electronic channels, that directly or indirectly promote online money gaming or encourage addition, banks, financial institutions, and intermediaries are barred from facilitating, authorising, or enabling financial transactions connected to these prohibited services, ensuring that monetary support for online money gaming is completely penalties are laid out for violators. Any person offering online money gaming services in contravention of Section 5 faces up to three years' imprisonment, a fine of up to Rs 1 crore, or both. Misleading advertisements of banned games attract penalties of up to two years' imprisonment, fines of up to Rs 50 lakh, or both. Similarly, individuals engaged in unauthorised transactions or fund authorisations linked to banned games under Section 7 are liable to up to three years' imprisonment, fines of up to Rs 1 crore, or law is harsher on repeat offenders, mandating a minimum of three years' imprisonment, extendable to five, and fines ranging from Rs 1 crore to Rs 2 crore. Repeat violations under the advertisement clause will attract two to three years' imprisonment and fines between Rs 50 lakh and Rs 1 the same time, the blanket ban on online money gaming could affect jobs created around the industry, as well as government revenue from taxes. Several platforms, including Dream11, hold significant stakes in the Indian sports sponsorship market, particularly cricket, which could also take a hit.- EndsTune InMust Watch
Economic Times
31 minutes ago
- Economic Times
Gaming Bill will save society from harmful effects of online money games: PM Modi
PM Modi hailed Parliament's approval of the Promotion and Regulation of Online Gaming Bill, banning money-based games. He said it will safeguard society from harmful effects while fostering eSports and online social gaming. Tired of too many ads? Remove Ads Prime Minister Narendra Modi on Thursday asserted that the Promotion and Regulation of Online Gaming Bill , which bans online games involving money, will save the society from the harmful effects of online money games The prime minister's reaction on X came after Parliament gave its nod to the proposed law."This Bill, passed by both Houses of Parliament, highlights our commitment towards making India a hub for gaming, innovation and creativity. It will encourage e-sports and online social games," Modi said."At the same time, it will save our society from the harmful effects of online money games," he Bill also aims to promote eSports and online social gaming.
Time of India
33 minutes ago
- Time of India
Trusts told to renew income tax registration by Sept 30
Chhatrapati Sambhajinagar: The income tax department has issued a reminder for charitable trusts and institutions to renew their registrations online. In order to maintain their tax-exempt status, these organizations, registered under sections 12A, 12AB, and 80G of the Income Tax Act, must apply for renewal before Sept 30. The department has warned that failure to do so could result in the loss of their exemption after March 31, 2026. This message was shared during a joint outreach programme with the Chhatrapati Sambhajinagar branch of ICAI (WIRC). During the session, officials stressed the importance of filing income tax returns and audit reports on time. They added that non-compliance could lead to exemptions being denied, which would negatively impact trusts that rely on these tax benefits to operate. The event saw strong participation from trustees, chartered accountants, and other tax professionals. Officials also clarified that trusts with annual receipts below Rs5 crore must also apply for renewal by the deadline. If approved, their registration would be valid for 10 years instead of five, but the extension would not be automatic. Commissioner of income tax (exemptions) Pune Dr Nitin Waghmode, who presided over the session, explained the registration and renewal process in detail. He elaborated on the list of documents required and stressed that compliance with allied laws such as the Bombay Public Trust Act, GST, ESIC, and PF Acts was crucial. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
