Page 14 - Latest Updates on Goods and Services Tax
Rent on PG accommodation, hostel services to attract GST: Karnataka AAR
Rent for residential dwellings would qualify for GST exemption, says authority
 "Rent on PG accommodation, hostel services to attract GST: Karnataka AAR")
Global gaming firms running 'no GST' ads to lure Indians to their platforms
The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets
 "Global gaming firms running 'no GST' ads to lure Indians to their platforms")
Construction of jetty at Fort Kochi to attract concessional 12% GST: AAR
AAR did not rule on whether contractors engaged for the project are eligible for 12% GST
28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary
The exchequer last year (FY2022-23) collected only Rs 1,700 crore GST which could have been Rs 15,000-20,000 crore had the tax been levied on the full value
 "28% GST on online gaming to yield Rs 20,000 cr annually: Revenue Secretary")
Want to buy popcorn with movie tickets? Here's how you can pay lower GST
If you only buy a movie ticket for entry and then buy food, the food will not be invoiced with the ticket, and you will be charged 5 per cent, said an official
 "Want to buy popcorn with movie tickets? Here's how you can pay lower GST")
28% GST an opportunity for gaming companies to compete: Gamezop co-founder
Gaurav Agarwal, co-founder of Gamezop, said those firms that are able to adapt faster will 'emerge victorious'
 "28% GST an opportunity for gaming companies to compete: Gamezop co-founder")
Shares of Indian gaming, casino firms drop after 28% GST imposition
These companies will now have to pay a 28% tax on the entire amount collected from players, instead of the small tax on the fee they charged for real-money games until now
 "Shares of Indian gaming, casino firms drop after 28% GST imposition")
Cinema industry welcomes cutting GST rates on food served in movie theatres
Multiplex operators welcomed GST Council's decision to lower tax rates on food and beverages sold in cinema halls, saying it will help in revival of theatre business post-Covid and avoid litigations
 "Cinema industry welcomes cutting GST rates on food served in movie theatres")
GST Council decides to impose 28% tax on turnover of online gaming firms
Sitharaman said the tax will be levied on the entire value
 "GST Council decides to impose 28% tax on turnover of online gaming firms")
50th GST Council meet underway, taxation on online gaming on agenda
A clarity on taxation of MUV for levy of a 22 per cent compensation cess over and above the 28 per cent GST rate is also expected
Toy industry seeks resolution of GST anomaly, PLI scheme to boost growth
These issues were raised by the industry during a meeting called by the Department for Promotion of Industry and Internal Trade (DPIIT) on July 8 here
 "Toy industry seeks resolution of GST anomaly, PLI scheme to boost growth")
GST Council meeting: Onus of deducting TCS may be on ONDC sellers
Tuesday's GST Council meet likely to put out clarification
 "GST Council meeting: Onus of deducting TCS may be on ONDC sellers")
On GST anniversary, CAIT calls for fresh review of indirect tax regime
CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current existing anomalies
GST an engine for driving consumption, helped household save on bills: Govt
A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017
Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles
The industry has sought 5 per cent GST on flex-fuel two-wheelers and a price guarantee on fuel for flex-fuel vehicles
 "Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles")
Under scanner: Insurance companies likely to soon face GST audits
Any mismatch in information across documents could raise a red flag
Treasury-bill auction sees firm demand on hopes of improving liquidity
Surplus liquidity in the system, as indicated by the amount of funds that banks park with RBI, increased to Rs 34,843.21 crore on Tuesday, from Rs 18,657.21 crore on Monday
 "Treasury-bill auction sees firm demand on hopes of improving liquidity")
GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered
The beneficiaries of several government schemes, including PM Kisan, were using the stolen identities to operate 4,000 shell companies and 16,000 fake GST registrations
 "GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered")
Centre to come up with pre-filled GST return forms by year-end: Report
The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices
GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds
Strong increase in line with GDP growth estimate in FY24, say experts
 "GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds")