Page 8 - Gst Council

CBIC deserves kudos for GST clarificatory circulars

The GST Council has decided to meet again on August 2, 2023, to consider various representations regarding tax rates on services of online gaming, casinos, and horse racing

AIGF appeals to FinMin against repeated taxation in online skill gaming

AIGF pointed out that while certain companies across formats that offer large tournaments may scrape through, even their revenues will be substantially affected

Game developers ask Centre for clear distinction from real money games

Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision

GST Council to finalise taxing rules on online gaming on August 2

Legislative amendment expected in ongoing monsoon session of Parliament

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

Kalaari to Tiger Global: Investors urge govt to reconsider 28% gaming tax

They said that the decision will have a 'deleterious impact' on the industry and is expected to result in the loss of over 50,000 high-skilled jobs in India

Will go back to GST Council to reconsider tax on online gaming: MoS IT

The GST Council on July 11 decided to impose 28 per cent tax on full face value of bets in online gaming, casinos and horse trading

Mixed results

GST appellate tribunal will improve ease of doing business

Waiver for rare disease drugs brings little relief: Pharma sector

Industry bats for extending exemption to drugs that are already commercially available in India

Holding shares in firms' subsidiaries exempted, clarifies GST Council

The clarification came amid GST officers sending notices to both Indian and foreign companies, demanding tax on share capital held in their subsidiaries at 18%

Roll of GST dice: Delta, Nazara shares slump up to 23% on D-Street

RMG refers to skill-based games that can be played for real money

GST Council decides to levy uniform taxation for utility vehicles

India's Goods and Services Tax (GST) Council said that uniform taxation would be levied on multi-utility vehicles and sports utility vehicles, according to a statement

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

Public health groups urge GST Council to raise cess on tobacco products

Public health groups along with doctors and economists have urged the Goods and Services Tax Council to increase compensation cess on all tobacco products in order to generate additional revenue for the government. They argued that such as a step of higher taxation will also motivate millions of tobacco users to quit and prevent youngsters from initiating tobacco use. According to them, tax revenue from tobacco could significantly contribute to the increased need for resources and augmenting the health infrastructure. "There has not been any major increase in tobacco taxes since the introduction of the Goods and Services Tax (GST) in July 2017 and all tobacco products have become more affordable over the past three years," Bhavna Mukhopadhyay, Chief Executive, Voluntary Health Association of India, said. The total tax burden (taxes as a percentage of final tax inclusive of retail price) is only about 52.7 per cent for cigarettes, 22 per cent for 'bidis' and 63.8 per cent for ...

GST Council to decide on taxation on online gaming, definition of MUVs

The GST Council at its meeting on Tuesday 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 ITC. The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. It is also expected to finalise contours for setting up appellate tribunal, and demand of the industry for reimbursement of full CGST and 50 per cent IGST in 11 hill states under the 'scheme for budgetary support'. The Council is likely to provide for mandatory physical verification of the business premises of "high risk" applicants before granting of GST registration, as well as reduced time for submitting Pan-linked bank account details to GST authorities. Also, a

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

Tuesday's GST Council meet likely to put out clarification

GST Council to clarify on TCS liability of e-commerce suppliers on ONDC

The GST Council on July 11 is expected to clarify on the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce in cases where multiple operators are involved in a transaction. ONDC or Open Network for Digital Commerce is a new initiative of the department for promotion of industry and internal trade (DPIIT). So far, there is no clarity on who should be liable for TCS compliance under GST laws. Under the Goods and Services Tax (GST) law, every e-commerce operator is required to collect TCS at the rate of 1 per cent of the taxable value of goods/services sold through its platform. Sources said the Law Committee, comprising Centre and state tax officers, has recommended to the Council that in a situation where multiple e-commerce operators (ECOs) are involved in a single transaction through ECO platform, the TCS compliances is to be done by the supplier-side, who finally releases the payment to the supplier. ONDC's open network operates in two

GST Council meet: Stricter tax regime for tobacco items likely in phases

No consensus yet on retail sale price-based levy on some items

Top Headlines: Tax credit on Council agenda, rupee internationalisation

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