Page 13 - Latest Updates on Goods and Services Tax
Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr
The Centre may also tweak the rules of issuing summonses to the violators
 "Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr")
Over 100,000 small and mid-sized firms flout GST e-invoicing rules
The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry
 "Over 100,000 small and mid-sized firms flout GST e-invoicing rules")
GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever
Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday
 "GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever")
GST to be paid on gold coins, white goods given as incentives, rules AAR
Input tax credit can be claimed as such items are not gifts, says Telangana authority
India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances
Tax demands for 18% GST range from Rs 1 crore to Rs 150 crore
 "India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances")
Expanding OIDAR scope: Foreign firms asked to comply with GST norms
Intimation notices to 70 online gaming, edtech, ad companies
 "Expanding OIDAR scope: Foreign firms asked to comply with GST norms")
LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate
State-owned firm says taxes officer's action will not affect its finances
 "LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate")
Calcutta HC quashes penalty order on e-way bill that expired in 9 hours
Authorities could not prove that petitioner intended to evade tax, says court
 "Calcutta HC quashes penalty order on e-way bill that expired in 9 hours")
GST council to clarify on corporate guarantees, some exemptions likely
Likely to recommend 18% GST on 1% of amount guaranteed
 "GST council to clarify on corporate guarantees, some exemptions likely")
Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence
The notice claims that the general insurer has not paid GST on reinsurance premium, despite receiving commissions from co-insurance companies
 "Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence")
Gross GST collection rises 10.2% to over Rs 1.62 trillion in September
GST collection in the first half of this financial year reported 11 per cent growth to touch Rs 9.92 trillion compared to the same period a year ago
Google, Facebook, X, Edtech Cos likely to pay up to 18% IGST from October 1
OIDAR service provider companies such as Google, X, and Facebook may have to pay integrated GST up to 18 per cent on services provided to the government and individuals in India
 "Google, Facebook, X, Edtech Cos likely to pay up to 18% IGST from October 1")
Tax troubles: 80 online gaming companies likely to face GST evasion notice
Evasion by companies may be to the tune of up to Rs 12,000 crore
 "Tax troubles: 80 online gaming companies likely to face GST evasion notice")
Rising GST mop-up an outcome of improved compliance: CBIC chairman
'When drawing up Revised Estimates in January, we are confident of exceeding projections based on overall collections'
 "Rising GST mop-up an outcome of improved compliance: CBIC chairman")
Banks receive GST notices for use of brand name by branches, subsidiaries
Tax authorities believe that the brand name is a free service given to related parties and thus subject to GST
 "Banks receive GST notices for use of brand name by branches, subsidiaries")
28% GST on deposit refunds issued by online gaming portals, casinos
Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point
 "28% GST on deposit refunds issued by online gaming portals, casinos")
Biz can claim ITC on goods procured for distribution to dealers: GST AAR
The Karnataka-bench of the AAR ruled that ITC can be availed on taxes paid for procurement of white goods or gold coins for the purpose of incentive to dealer as it is a supply
 "Biz can claim ITC on goods procured for distribution to dealers: GST AAR")
India's GST collection increases 11% to Rs 1.59 trn on better compliance
Mop-up for Centre, states and revenue from IGST moderated compared to previous month
 "India's GST collection increases 11% to Rs 1.59 trn on better compliance")
FADA delegation meets Gadkari, seeks 18% GST on entry-level 2-wheelers
Automobile dealers' body FADA on Wednesday sought GST reduction on entry-level two-wheelers to 18 per cent from 28 per cent currently
 "FADA delegation meets Gadkari, seeks 18% GST on entry-level 2-wheelers")
28% GST on online gaming: How will new tax work for players and companies
GST Council has decided to go ahead with a 28% tax on full face value of online gaming. Know here how the new rule will impact the players and the companies, and by how much will their outgo increase
 "28% GST on online gaming: How will new tax work for players and companies")