Page 12 - Goods And Services Tax

Winzo joins hands with IITs to develop model for determining games of skill

Winzo said that it started the study amid concerns about the independence of the proposed self-regulatory bodies in India's online gaming sector

LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office

In October 2023, LIC had filed an appeal with the Bombay High Court against the Income Tax Appellate Tribunal's decision to give the insurer relief in two tax disputes amounting to Rs 4,993 crore

GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec

Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23

LIC gets GST notice of Rs 806 crore; insurer says will file an appeal

The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore

India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion

This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion

You may be able to file revised GST returns from April 2025 if...

An official said that allowing updated returns under the GST regime will simplify the process of filing returns

How plethora of GST notices are spoiling the ease of doing business

While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well

No GST dues pending, some states have not submitted AG's report: Sitharaman

The Centre on Tuesday said no GST dues of any state are pending before it and that some state governments have not submitted AG's authenticated certificate for release of their share of funds. The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said replying to a supplementary question in Rajya Sabha. "It is important to understand that if the AG's (accountant general) certification is (mandatory)... If the AG's certificate does not reach us, we can not clear," she said. Some states, even after sending AG's certificate, tell us to hold on till they clear it finally, she said. The finance minister was responding to a question from Trinamool Congress member Saket Gokhale, who asked about the GST dues of states, especially to West Bengal. He also sought a reason for which the GST dues of the states were withheld. Replying to it, the finance minister said she wou

E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO

Anuraag Saxena said that the industry is in a 'wait and watch' mode, and the true impact of the GST move will only be known after the period of review is over

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

The 15 per cent Y-o-Y growth in November came despite weak external conditions

Major tax collections, barring personal income tax, decline in October

Centre's fiscal deficit till October at 45% of budget estimates, bit lower than last year's

Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted

GST officers have busted a syndicate of 48 fake firms which availed fraudulent input tax credit (ITC) of over Rs 199 crore and have arrested three people in this regard, the finance ministry said on Tuesday. The Central Goods and Services Tax (CGST) Delhi East Commissionerate commenced coordinated 'Operation Clean Sweep' against fake billers, based on gathered human intelligence, which was further developed through data mining and data analysis. A syndicate of 48 interconnected fake firms availing fraudulent ITC of over Rs 199 crore was busted in the operation, the ministry said. In the first wave of the operation, a total of 48 fake/bogus firms either non-existent or paper firms have been identified that were dealing in bogus invoices. Three persons were apprehended and arrested and subsequently sent to judicial custody remand for two weeks by the Chief Metropolitan Magistrate Court, Patiala House. Other members of the syndicate and the ring leaders have been identified and furt

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

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

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 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

Expanding OIDAR scope: Foreign firms asked to comply with GST norms

Intimation notices to 70 online gaming, edtech, ad companies

GST council to clarify on corporate guarantees, some exemptions likely

Likely to recommend 18% GST on 1% of amount guaranteed

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