CGST Act

Real estate and hospitality companies hope that GST reforms, including lower taxes and simplified compliance, will boost demand, support tourism, and aid in the growth of the economy

As per the data shared in the Lok Sabha, the total number of GST evasion cases detected by central government officers in the last five years

Industry bodies FICCI and Assocham have demanded that real estate developers should be allowed to claim Input Tax Credit (ITC) under the Central Goods and Services Act (CGST) on commercial assets constructed for leasing purposes. The associations have written letters to the finance ministry and have urged the latter to permit availing of the ITC where the immovable property is constructed for the provision of leasing services. They have argued that the potential revenue impact would not be high by allowing ITC and instead, this would help maintain the credit chain, besides spurring growth in the real estate sector and the overall economy. The representations come in the backdrop of a recent Budget proposal relating to a retrospective amendment to the CGST law, which experts feel will override the Supreme Court ruling related to the ITC claim on leased assets. Market consultants are of the view that this move is likely to adversely impact real estate companies seeking input tax cred

FinMin says some changes may take effect from April

Bharti Airtel on Tuesday said it does not agree with an order it received under the Central Goods and Services Tax Act for levy of Rs 24.94 lakh penalty, and will take suitable action for rectification or reversal. The violation pertains to alleged irregular input tax credit claim from 2017-18 to 2021-22 and other related matters, Airtel said in a BSE filing. Submitting details of the orders received by the company under the Central Goods and Services Tax Act, Airtel said the order was received on December 24. The order entails a levy of a penalty of Rs 24,94,316, it said, adding, "the company does not agree with the order and will take appropriate action for rectification/reversal of the same." "The maximum financial impact is to the extent of the penalty levied," it said.

The company further said it does not agree with the order and will take appropriate action for rectification or reversal of the same

According to AIGF, around 350-400 mn gamers pay to play on gaming platforms in India

September collection at Rs 1.62 trillion, takes the average monthly mop-up to Rs 1.65 trillion in FY24

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

One of the first rulings after the rate-change came into effect from July 18 last year

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

Currently, there is no appellate mechanism in place for rulings by the GST authorities and a group of ministers is deliberating on it

Ocean freight is the cost incurred through an agreement between two foreign parties to ship goods to India

Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say

The court, which clubbed the petitions, had posted the matter for next hearing on October 19

The CGST officials arrested the owner of Al-Marwah Traders on Tuesday for allegedly availing, utilising and passing on fraudulent ITC on bogus invoices of over Rs 60 crore

CBIC says a company incorporated in India and a body corporate incorporated by or under the laws of a country outside India are separate legal entities

The move comes as a major relief to several entities that were denied refunds when they were exporting services to their parent or subsidiary companies abroad

They are worried that the two proposals would make it difficult to seek refunds under indirect tax laws

Any mis-declaration of freight paid or payable which results in loss of revenue by way of excess drawback payment, is liable to be proceeded against under the Customs Act