Page 23 - Gst

Revenue stagnant and margins eroded, impact of high GST on gaming: Report

The report said, "Six companies have witnessed a decline in revenue growth ranging from 10-30 per cent, with certain companies facing a decline of 50 per cent"

7 years of GST: Balancing tech & transformation

The time has come to usher in GST 2.0

GST anti-profiteering cases to be taken up by the appellate tribunal

Council to introduce 'sunset date', allowing filing complaints up to April 1, 2025

GST Council to regularise taxation issues on host of goods, services

The Council might reject bringing MSME ice cream manufacturers under the composition scheme

Over 50% gaming cos saw revenue stagnate or dip after 28% GST norm: Report

The impact of the new GST norm was also seen in the employment in these companies. According to the report, as many as 10 of these companies faced "significant headwinds" on job creation

Most of top-level executives have positive GST perception: Survey

An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday. The Deloitte GST@7 survey, engaging C-suite and C-1 level executives across diverse industries through online platforms, highlights areas which have resulted in growing confidence in GST, specifically on the positive role of GST automation/ technology and consultative environment, in policy making. Reflecting growing confidence in GST, the survey found that about 84 per cent of respondents reported a positive perception of GST in 2024, up from 72 per cent in 2023 and 59 per cent in 2022. Automation of tax compliance, including e-invoicing, continues to be voted as a top performance area. Also, enhanced and continued stakeholder consultation, leading to the issuance of clarificatory circulars/instructions was considered as a ...

GST Council likely to address retrospective taxation on online gaming

Move may give relief to firms facing Rs 1.12 trn in tax demands

Slash GST on health insurance to 5% from 18%: Trade body to govt

Association says that renewal rates of the policies continue to decline due to frequent premium hikes and rising medical inflation

CBIC cautions public to stay alert against frauds in name of Indian Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday asked public to stay alert and discern the modus operandi of fraudsters committing fraud in the name of Indian customs. In a statement, the CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers cheating the public of their hard-earned money across the country. These frauds are primarily done using digital means like phone calls or SMS, and are focused on extracting money through the 'purported' fear of immediate penal actions. In order to counter these frauds through public awareness, CBIC is mounting a multi-modal awareness campaign that includes newspaper advertisement, SMS/e-mails to the general public, social media campaign, besides awareness campaigns by CBIC field formations. The CBIC also advised the public to take measures to safeguard themselves from becoming a victim of such scams by discerning the modus operandi of

June 22 GST Council meet likely to give relief to foreign airlines

Clarification could end uncertainty around some services

Bring petroleum products, realty, and electricity under GST: CII President

Puri said that the capital gains tax must also be rationalised as part of the 14-point agenda for the new government

NITI Aayog proposes tax exemption to boost state universities R&D

Concerns include lack of an incentive system for faculties to pursue research, the dominance of R&D from central universities rather than private and state institutions, and funding constraints

'Need to moderate rate, widen tax base for Viksit Bharat goal by 2047'

There is a need for a shift in the taxation mindset from rates to revenue by moderating tax rates and widening base in order to achieve the goal of 'Viksit Bharat' by 2047, experts said. They underscored the need on transition from rates to revenue focused on lowering tax rates, enlarging the tax-paying base and thereby creating the means for financing of India's investment and development needs. "Conventional higher tax rates haven't resulted in significant tax buoyancy. Recognising this fact, governments in India since 1991 onwards have clearly batted for moderate tax rates leading to greater levels of transparency and compliance," EY India senior partner Sudhir Kapadia said. Time has come to bite the bullet for reforms in direct taxes, he said, adding, there could be one simplified rate structure for businesses and for individuals, there could be one simple three-rate structure with low or moderate rates, no surcharges and cesses and no significant deductions. On GST, he said, a

Reforms in customs duties, GST, commerce to push India's growth: GTRI

Implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth, GTRI said on Thursday. Economic think tank Global Trade Research Initiative (GTRI) also said that India is standing on the cusp of a transformative era and there is an urgent need for comprehensive economic reforms. "From simplifying the convoluted customs duty structure to pioneering regulatory sandboxes for cryptocurrencies, and from boosting the MSME sector through GST (Goods and Services Tax) reforms to fortifying our energy security, this agenda lays the foundation for a robust, resilient, and globally competitive India," it said. It said that the current basic customs duty structure, which affects USD 680 billion worth of imports, has not been reviewed in 20 years, leading to over 27 different duty rates and over 100 specific or mixed duty slabs. Currentl

Int'l Road Federation wants no GST on helmets to make them affordable

International Road Federation (IRF) on Wednesday urged the Goods and Services Tax (GST) Council and the Ministry of Finance to reduce tax on helmets from 18 per cent to nil, to encourage the use of the safety gear. IRF in a statement said two-wheeler riders are most vulnerable during road accident fatalities and lowering GST rates on helmets will help in making helmets more affordable for the masses amid increasing road accident fatalities. Citing a Bosch Report, IRF said India accounts for about 12 per cent of road accident deaths worldwide and the economic loss is about USD 15.71-38.81 billion to the Indian Economy. "The two-wheeler riders, being most vulnerable, constitute almost 31.4 per cent of road accidental deaths primarily due to head injuries. One of the most effective measures to reduce the two-wheeler accident injuries and fatalities is the use of standard helmets," said IRF president emeritus K K Kapila. Kapila added that the helmet usage in India has been found to be

$3.5 bn domestic online gaming industry seeks GST adjustment to help thrive

The Indian online gaming industry, valued at over USD 3.5 billion on Monday urged the government to reconsider levying 28 per cent GST on Contest Entry Amount' (CEA) in order to save the domestic industry. The Skill Online Games Institute (SOGI) argues that this high tax rate is stifling domestic companies and hindering the industry's potential for significant growth. "The shift from 18 per cent on gross gaming revenue to CEA in October last is not just a financial burden on legitimate domestic platforms but also unintentionally bolstered illegal offshore betting and gambling activities," SOGI Founder President Amrit Kiran Singh said. "There is a need for the re-assessment of GST policy to curve the unintended consequences of fostering illegal gambling and to support the growth of the domestic online gaming industry," he said. Singh highlighted concerns that the high tax rate is driving Indian companies out of business, while foreign companies, particularly those from China where

A new beginning

Don't let coalition be a constraint for growth

Using GST as consumption proxy

Unlike private consumption data, GST can provide real-time insights into consumption patterns, economic activity, and state-wise variations

Bringing natural gas under GST will lead to faster adoption: Oil secy

The government is cautiously optimistic of solving the GST issue in 2024-25, he said

'Telcos will pay GST along with instalments towards spectrum charges'

Telecom companies will have to pay GST along with the instalments paid towards spectrum charges, a senior official said. The Department of Telecom (DoT) will hold the next round of spectrum auction on June 6 for eight spectrum bands meant for mobile phone services. The base price for the auction has been set at Rs 96,317 crore. The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction. The official said Goods and Services Tax (GST) will have to be paid at 18 per cent by telecom companies along with each instalment. "The GST Council in its next meeting is likely to clarify the procedure for payment of GST by companies winning the bids during the spectrum auction," the official told PTI. The clarification will end confusion among field formations regarding the method for collection of GST in the auction process. All the available spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz,