SC stays ₹5,712cr GST notice against Paytm-owned First Games
What's the story
The Supreme Court of India has stayed a ₹5,712 crore Goods and Services Tax (GST) notice served to First Games.
The gaming platform is owned by One97 Communications, the parent company of Paytm.
The stay comes after First Games filed a writ petition challenging the validity of the notice.
The Directorate General of GST Intelligence in New Delhi had first served this show cause notice (SCN) to First Games in April.
Legal proceedings
Regulatory filing confirms Supreme Court's stay
A regulatory filing confirmed that First Games informed the authorities on May 24 about the Supreme Court's decision to stay the proceedings of the SCN.
The notice was challenged by First Games in a writ petition filed earlier this month.
The apex court granted a stay on May 23, halting any further action related to this matter.
Information
One97 Communications addresses industry-wide tax issue
Meanwhile, One97 Communications has also responded to the matter. The firm said that this tax issue is not limited to First Games but is an industry-wide concern. The matter is pending before the apex court and will be dealt with in due course.