Page 13 - Goods And Services Tax

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

Gross GST collection rises 10.2% to over Rs 1.62 trillion in September

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

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

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'

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

Biz can claim ITC on goods procured for distribution to dealers: GST AAR

Businesses can claim input tax credit on items, like gold coins and white goods, procured for distribution to dealers upon achieving pre-specified sales targets as part of promotional schemes, a GST advance ruling authority has ruled. The Karnataka-bench of the AAR (Authority for Advance Ruling) 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. Orient Cement Ltd had approached the AAR seeking ruling in whether ITC can be claimed on distribution of gold coins and white goods to its dealers upon achieving a specified target fixed under the scheme. The company also offers various promotional schemes "Monthly/ Quarterly Quantity Discount Scheme", etc. The said sales promotion scheme helps the company in achieving their sales and collection targets. The AAR noted that the applicant is issuing these gold coins and white goods so procured as incentives as per the agreement reached between himse

India's GST collection increases 11% to Rs 1.59 trn on better compliance

The government expects average monthly GST collection to be Rs 1.6-1.65 trillion this financial year

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'