Page 13 - Goods And Services Tax

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. A delegation of the Federation of Automobile Dealers Associations (FADA) submitted a letter to Minister of Road Transport and Highways (MoRTH) Nitin Gadkari in this regard. FADA has requested for GST rate cut on entry-level two-wheelers, predominantly within the 100-125 cc segment. "With two-wheelers accounting for over 75 per cent of the volume and over 70 per cent of this stemming from the entry-level category, it's imperative to address the over 20 per cent decline we've observed since pre-Covid times," FADA President Manish Raj Singhania said. To propel India towards becoming a USD 47 trillion economy by 2047, every segment of the domestic automobile industry must function at its zenith, he added. "Reducing the GST from 28 per cent to 18 per cent for entry-level two-wheelers is more than just an economic strategy; it's about empowering the comm

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

July goods and services tax receipts rise 11% YoY to Rs 1.65 trn

India's goods and services tax (GST) collections rose 11% from a year earlier to 1.65 trillion rupees ($20.05 billion) in July, a government statement showed on Tuesday

July GST collection comes at Rs 1.65 trillion, rises 11% YoY

The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST

Rent on PG accommodation, hostel services to attract GST: Karnataka AAR

Rent for residential dwellings would qualify for GST exemption, says authority

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 would get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming, said Revenue Secretary Sanjay Malhotra on Thursday. The GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc, he said adding that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands. He said the online gaming industry is currently paying only 2-3 per cent GST which is even less than 5 per cent tax applicable on food items consumed by a common man. "One of the members, in fact, in the GST Council pointed out that the way the online gaming companies are paying the taxes on online games at 18 per cent of GGR, which works out to only about 2-3 per cent, even lower than the tax rate of 5 per cent levied on many of the food products consumed by the very common people," Malhotra told PTI in an interview. The

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

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'

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

Cinema industry welcomes cutting GST rates on food served in movie theatres

Multiplex operators on Tuesday welcomed the GST Council's decision to lower the tax rates on the food and beverages sold in cinema halls, saying it will help in the revival of the theatre business post-Covid and avoid litigations. The Goods and Services Tax (GST) Council, headed by the Union finance minister and comprising of representatives of all states and UTs, on Tuesday decided to lower the service tax levied on food and beverages consumed in cinema halls to 5 per cent from 18 per cent. F&B (food & beverages) are an important source of earnings for the cinema exhibition industry, specially for the multiplexes that earn up to 35 per cent of their revenues from this segment. PVR INOX Ltd CFO Nitin Sood said: "The entire cinema industry welcomes the clarification issued by the GST Council today that food and beverages sold at the cinemas will get covered under the definition of 'restaurant service' and would be liable to GST @5 per cent (without availment of input tax ...

GST Council decides to impose 28% tax on turnover of online gaming firms

Sitharaman said the tax will be levied on the entire value

50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

Toy industry seeks resolution of GST anomaly, PLI scheme to boost growth

Toy manufacturers have urged the government to resolve a GST (Goods and Services Tax) anomaly and immediate roll-out of the production linked incentive scheme to boost the growth of the sector. 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. The meeting was attended by representatives of global and domestic toy manufacturers, retailers, associations, and government officials to discuss the opportunities in the domestic toy sector. It was chaired by DPIIT Secretary Rajesh Kumar Singh. Toy Association of India (TAI) Senior Vice-President and Little Genius Toys CEO Naresh Gautam, who attended the meeting, said that besides PLI and GST, the industry has urged for resumption of Credit Linked Capital Subsidy Scheme (CLCSS). "PLI is the need of the hour as it would help in tapping huge business opportunities," Gautam, who has been making wooden toys for the last 32 years, said. He adde

GST Council meeting: Onus of deducting TCS may be on ONDC sellers

Tuesday's GST Council meet likely to put out clarification

On GST anniversary, CAIT calls for fresh review of indirect tax regime

Traders' body CAIT on Saturday called for a fresh review of GST and said a special task force should be constituted to suggest ways to reduce multiplicity of laws and regulations on traders under the indirect tax system. The Confederation of All India Traders (CAIT) described the completion of six years of implementation of GST in the country as a landmark success. The GST regime came into effect from July 1, 2017. However, it said much more needs to be done to make Goods and Services Tax (GST) a simplified and rationalised tax system. CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current existing anomalies. "For this, a special task force should be constituted, in which besides senior government officials, representatives of businessmen and industry should be included. While this task force will on one hand give suggestions to rationalize the GST tax system and reduce multiplicity of laws and ...

GST an engine for driving consumption, helped household save on bills: Govt

Goods and Services Tax (GST) has acted as an engine for driving domestic consumption and helped households save on monthly bills since its implementation six years ago, the government said on Friday.. Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress. "The implementation of GST has made it easier for taxpayers to comply with tax law and this can be seen in the fact that the number of registered taxpayers has increased from 1.03 crore that enrolled into GST by April 1, 2018 to 1.36 crore by April 1, 2023," the office of Finance Minister Nirmala Sitharaman tweeted. 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. Under GST a four-rate structure that exempts or imposes a low rate of 5 per cent tax on essential items and a top rate of 28 p

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

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