The Finance Ministry has decided to waive the heavy tax imposed on prize money of India’s youngest World Chess Champion D. Gukesh as an unprecedented gesture of support to him. The decision came after The Philox appealed to it for support stating that such an action would help the government recognize and encourage young talent in the country.

The Victory That Made History

D Gukesh makes history with India and wins this World Chess Championship by defeating the incumbent titleholder Ding Liren from China. D Gukesh achieved glory at just the tender age of 18 by performing his best chessboard strategies at a prize of Rs. 11.34 crore that earns him to shine brightest like star of this chess world.

However, the euphoric mood was first doused by the spectre of a huge tax incidence. The proposed tax liability-₹4.67 crore including surcharges-would threaten to overshadow this spectacular achievement.

A Plea from the Heart

The Philox, an India-based media house dedicated to celebrating achievements, pleaded seriously with the Finance Ministry that tax on Gukesh’s prize money be waived. This was based on the sentiment shared by millions of Indians-the efforts and brilliance of one young champion who brought prestige to the country in the global media.

The Finance Ministry’s Decision

This appeal further sees the Finance Ministry exempting Gukesh from taxes and makes a decision that turns symbolic victory of this tournament to prominence.

This action would not allow Gukesh to take the total amount of prize money his fine effort and arduous work have won, instead it is a splendid move to support young winners of India.

It motivates the youth talent: This is a decision of the government which will give an excellent message to its citizens that it supports its young heroes and future generations would also look for excellence.

It appreciates chess legacy: Chess is a game that is rooted in Indian origin and Gukesh is now a new international brand ambassador for chess. The step reflects that how it would preserve and appreciate the rich cultural heritage.

Encouraging Merit: An achievement of this standard was bound to be perceived as being stifled were tax levied on the performance. The government in refusing to levy tax promotes the cause for respect and reward extra-ordinary performances.

A Wider Good

This is not for Gukesh. This is a tribute to each of the young Indians, who want to do greater things. By providing the likes of Gukesh the champions, it allows a climate that would allow talents to bloom and blossom.

A Word from Elegant Newz

Stories that inspire and motivate, such as Gukesh-the boy who turned out to be world champion-should be feted. Only right that such commitment to work should be commended and honored. So too with the Finance Ministry’s decision-to celebrate its heroes and commit its future.

As we continue to track the stellar career of Gukesh, we hope that this gesture inspires other young talents to dream big and work tirelessly to bring glory to the nation. Let’s celebrate this victory both on the chessboard and off it as a shining example of what is possible when talent meets opportunity and recognition.

ALSO READ: 7 Best Christmas Markets in India You Must Visit This Holiday Season

More updates on this story and other inspiring tales from around the world will be out soon.