Page 7 - Gst Council

Rich state, poor state: Tax devolution by per capita income or population

Tax devolution shares, which threaten to create a north-south divide among states, may have more to do with per capita income, and not so much with population

'GST Council may soon clarify on exemption of tax to Rera bodies'

The GST Council is likely to soon clarify that Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. RERA was set up in different states to ensure transparency in real estate projects, protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal. The official said that after discussions with RERA functionaries about the nature of their function it was decided that GST is not applicable on them. The official further said that RERAs are funded by respective state governments and hence levying GST would mean taxing state governments. A meeting of GST Council, chaired by Union Finance Minister and comprising state ministers, is likely to be held before the

Will homegrown titles redefine India's burgeoning gaming industry?

The Indian gaming market, currently valued at $3.1 bn, is expected to reach a valuation of $7.5 bn by FY28

Govt to review tax on online gaming after March: Revenue Secy Malhotra

Online gaming companies including Delta Corp. and Tiger Global-backed Dream11 have seen an increase in demands and notices from tax authorities amid a crackdown on alleged tax evasion

Budget 2024: What do the online gaming and esports industries expect?

Interim Budget 2024: Online gaming and esports industries have had an eventful 2023 owing to the GST Council's decision to impose a blanket 28% tax. Here's what the industries expect in the Budget

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

Online gaming companies get Rs 1 trn GST show cause notices so far

GST authorities have issued show cause notices worth Rs 1 lakh crore to online gaming companies for tax evasion so far, a senior official said on Wednesday. The official, however, said that there is no data yet of foreign gaming companies registering in India since October 1. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1. The GST Council had in August clarified that 28 per cent Goods and Services Tax (GST) would be levied on full value of bets placed on online gaming platforms. "Online gaming companies served notices worth about Rs 1 lakh crore by GST authorities so far," the official said. A host of online gaming, like Dream11, and casino operator, like Delta Corp, have received GST show cause notices last month for alleged short payment of taxes. Separately, a show cause notice was sent to GamesKraft in September last year for alleged GST evasion of Rs 21,000 crore. While the Karnataka High

GST Council to discuss apportioning compensation cess beyond March 2026

The GST Council will decide on the modalities for appropriating the revenue collected by levying compensation cess on luxury, sin and demerit goods beyond March 2026, the deadline to repay loans taken by Centre to compensate states for revenue loss during Covid, an official said. Compensation cess was initially brought in for 5 years to make good the revenue shortfall of states following implementation of the Goods and Services Tax (GST). The compensation cess expired in June 2022, but the amount collected through the levy is being used to repay the interest and principal of the Rs 2.69 lakh crore that the Centre had borrowed during Covid. The GST Council will now have to take a call on the issue of 'GST compensation cess' with regard to its name, and the modalities for its distribution among the states. The issue was raised by some states at the 52nd GST Council meeting on October 7. Chattisgarh Deputy Chief Minister T S Singh Deo said the issue was raised by Karnataka on ...

GST Council approves 'amnesty scheme' for appeal filing till Jan 2024

The GST Council on Saturday came out with an amnesty scheme, giving taxpayers time till January 31, 2024, to file appeals against demand orders passed by tax officers till March 2023. As per the GST law, an assessee can file an appeal against an assessment order seeking taxes within three months of the tax officer passing such an order. This can be extended by one more month. The 52nd GST Council in its meeting on Saturday gave extra time to GST-registered businesses to file appeals with an enhanced pre-deposit of 12.5 per cent of the tax demand, against 10 per cent currently. Briefing reporters after the Council meeting, Revenue Secretary Sanjay Malhotra said the council has recommended that a period till January 31, 2024, may be given for filing of appeals by taxpayers for all orders passed till March 31, 2023, with an enhanced pre-deposit. Of the pre-deposit of 12.5 per cent of the tax under dispute, at least 20 per cent (i.e. 2.5 per cent of the tax under dispute) should be ...

GST Council decides to slash rates on millet products, molasses: FM

The GST Council on Saturday decided to reduce GST on molasses to 5 per cent, from 18 per cent, and exempt alcohol for human consumption from the levy. Chhattisgarh Deputy Chief Minister T S Singh Deo, who is a member of the GST Council, said extra neutral alcohol (ENA) for industrial use will continue to attract Goods and Services Tax (GST). "ENA (potable alcohol) for human consumption will be exempt from GST and the same will be communicated to the Supreme Court," Deo told reporters after the 52nd GST Council meeting. The tax rate on molasses, a by-product of sugarcane and used as raw material for alcohol production, has been reduced to 5 per cent from 18 per cent currently, Deo added. He further said that some states like Delhi and Goa raised the issue of online gaming companies facing GST demand notice for alleged evasion. "There were discussion on charges (tax demand notice) on these companies retrospectively. Because DGGI is an independent body, there cannot be any interferen

GST Council meet on Oct 7, may review progress in anti-profiteering cases

Zero cases disposed of in Q1 after NAA gets subsumed into CCI

GST Council likely to exempt distilled alcohol used to make liquor from tax

However, states adopt different practices while imposing GST on extra neutral alcohol, which is key input used to produce liquor

GST council to clarify on corporate guarantees, some exemptions likely

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

GST Council likely to consider 'zero tax' on millet mix in meeting

Council may maintain status quo on reducing tax rates on EV batteries to 5% from 18%

Meesho makes platform non-GST inclusive to attract millions of new sellers

This move will potentially unlock 15-20 million sellers in historically under-penetrated states for the company

GST Council meet on Oct 7, may review SGST amendments on online gaming

The GST Council, chaired by Union finance minister and comprising state ministers, will meet on October 7. "The 52nd meeting of the GST Council will be held on 7th October, 2023 at Vigyan Bhawan , New Delhi," the GST Council said in a post on X. In the previous meeting on August 2, the council had approved amendments to the Goods and Services Tax (GST) laws to provide clarity on the taxation of casinos, horse racing and online gaming. A 28 per Cent GST is levied on full face value of bets in the three supplies.

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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

GST Council meet: 28% tax on online gaming from October 1, says Sitharaman

The Council will review the implementation of 28 per cent goods and services tax (GST) on online gaming, and casinos after six months

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