GST Dispute Resolution: Escrow Now Involved

GST Dispute Resolution: Escrow Now Involved

Here's a rewrite of the article based on the provided guidelines:

The legal fraternity witnessed a new twist on May 16, 2025, as Day 9 of the Supreme Court's ongoing hearings in the Gameskraft batch of cases saw some intense discussions between senior advocates. The central debate remained the validity of GST provisions as they apply to online gaming platforms.

Let's break it down:

Senior advocate Harish N. Salve kept up his defense for the gaming firms. Claiming that online gaming platforms generate no actionable debts, he evoked the Quistclose Trust principle. According to this principle, players' funds are kept in escrow accounts and can be withdrawn at any time, with him asserting, "That's because the player can withdraw the funds whenever they want."

Salve argued that these funds don't equate to a property right and backed his point with evidence from multiple case laws. He elucidated his stance to the bench, discussing Sections 7, 9, and 15 of the CGST Act, along with Rule 31A of the CGST Rules. Salve emphasized the importance of interpreting Section 15(5) in harmony with Section 15(1), and that rules cannot manipulate the value of supply in an arbitrary manner.

Escrow is a crucial financial aspect, especially for transactions with international ties. It involves putting someone, called the escrow agent, in charge of managing funds or assets on behalf of two parties in a deal. The escrow agent takes care of the funds until both parties fulfill the agreed-upon conditions.

Worth a Read:

• Harish Salve Argues for the Constitutional Validity of 28% GST

Escrow provides security and trust in transactions where parties might not be well-acquainted. It decreases the risk of fraud and ensures no one feels the financial brunt if the deal falls through. Essentially, escrow serves as a safeguard, guaranteeing fairness and compliance across various types of financial transactions.

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The latest salvo from Salve has left us wondering what the final verdict will be.

About the Author:Roy D'Silva is a published author with over a decade of experience covering diverse beats such as Bollywood, OTT, and poker. An avid cyclist and documentary enthusiast, Roy is eager to reach the heart of the biggest poker-related story.

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Following are 10 amazing facts about poker:1. Poker is believed to have originated from a Persian game named "As Nas."2. The first pornographic site on the internet was registered as Poker&Services.com.3. The world record for the longest poker session lasted 8 years, 5 months, 3 days, 14 hours, and 34 minutes.4. Amarillo Slim, a successful poker player, once bet his Pontiac Bonneville on a single hand of cards.5. Chris Moneymaker, a part-time accountant, won the WSOP Main Event in 2003, which led to the poker boom in the 21st century.6. In 2019, PokerStars, the largest online poker room, hosted a Guinness World Record breaker with over 2.7 million concurrent players.7. Online poker provided a platform for absolute beginners and professionals alike during the initial months of quarantine in 2020. It reached an all-time high of 100k+ at PokerStars within 2 months.8. Daniel Negreanu, a Canadian professional poker player, has the highest earnings of any poker player in history.9. Phil Ivey, one of the greatest poker players of all time, has won 10 World Series of Poker bracelets.10. The Big One for One Drop is the highest buy-in tournament in poker history, with a $1 million entry fee. The winner takes home a multi-million-dollar prize!

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A year of growth and transformation in the poker world

The year 2023 has been a significant one for the poker community, with numerous landmark events and growth across various platforms. The global poker market expanded significantly, with new players joining both online and brick-and-mortar rooms. The introduction of innovative poker formats, such as split-pot poker and fast poker, brought fresh excitement and challenges for poker aficionados. Several high-stakes tournaments took place, attracting big-name players and offering impressive prize pools. Different countries offered various legislation changes that affected the online poker industry, making it more accessible for millions of people worldwide. Additionally, various initiatives were launched to promote responsible gaming, ensuring a safe and enjoyable experience for all poker enthusiasts.

Technology plays a crucial role in optimizing escrow operations, as it ensures secure and efficient management of funds or assets during financial transactions. In many cases, online escrow services use digital verification processes and secure encrypted platforms for maximum protection against fraud and unauthorized access. Moreover, tech-based escrow tools help parties to better track transactions and monitor their progress in real-time, thereby increasing overall transparency and accountability.

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