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Employees' payment for canteen services will not attract GST: AAR

GST and input tax credit applicable for company's payment to canteen service provider not recovered from employees

Helmet makers demand cut in GST as 2W accidents claim goodslives in India

Two-wheelers account for 42 per cent of accidents and 41 per cent of fatalities due to road accidents in India

Restaurants' body seeks restoration of ITC, higher GST rate of 12%

The National Restaurant Association of India on Monday urged the government to restore input tax credit to restaurants while increasing the GST rate to 12 per cent from the current 5 per cent, ahead of the upcoming Union Budget. In a letter to Finance Minister Nirmala Sitharaman, the National Restaurant Association of India (NRAI) also called for an equitable and fair e-commerce policy, saying balanced policies and regulations are required to enable a level playing field, where platforms can continue to innovate, while restaurants, delivery partners and consumers are protected from potentially exploitative practices. The restaurant industry was one of the sectors that suffered the most during the pandemic but showed great resilience to survive and has since been on a steady path of recovery. If the sector gets a certain amount of policy and budgetary support in the upcoming Budget, it will propel the sector towards an accelerated pace of growth, NRAI said in a statement. Seeking ...

Hindustan Zinc receives GST notice worth Rs 12.7 cr; company to file appeal

The board of Hindustan Zinc is scheduled to meet on January 19 to approve and announce the financial results for the October-December quarter

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

Vodafone Idea imposed Rs 13.16 cr penalty by addl commissioner in GST case

GST additional commissioner's office in Chandigarh has imposed a Rs 13.16 crore penalty on Vodafone Idea, the company said in a regulatory filing on Thursday. According to the filing, the order was passed on January 10 against the debt-ridden telecom firm for alleged "wrongful transition of CENVAT credit to Goods and Services Tax (GST) regime". "Order passed u/s 74 of Central Goods and Services Tax Act, 2017, inter-alia, levying a penalty of Rs 13,16,53,661," Vodafone Idea (VIL) said in the filing. The company said the maximum financial impact is to the extent of the tax demand, interest and penalty levied. "The Company does not agree with the Order and will take appropriate legal action(s) for rectification/ reversal of the same," VIL said. The order was issued by the Office of the Additional Commissioner, Central Goods & Service Tax in Chandigarh.

GST intel unit detected over Rs 1.98 trn worth tax evasion cases in 2023

The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore. 140 masterminds involved in GST evasion were arrested," the ministry said in a statement. This is a significant improvement as compared to 2022 wherein 4,273 cases were detected, amounting to duty of Rs 90,499 crore, and voluntary payment of Rs 22,459 crore and 97 arrests were made. There was a 119 per cent increase in the year-on-year amount of duty evasion detected by DGGI an

Online gaming co Delta Corp disputes GST demand, posts profit decline in Q3

The company, which is also a casino operator, reported a 59 per cent year-on-year decline in its consolidated net profit for the quarter ended December 2023 at Rs 34.48 crore

SC seeks govt's response on pleas by online gaming cos challenging 28% GST

The bench, led by Chief Justice of India DY Chandrachud, issued notice in pleas by online gaming companies such as Head Digital Works, Games 24/7, and Dream 11 challenging the government's decision

SC seeks Centre's reply to plea against levy of 28 % GST on online gaming

The Supreme Court on Monday sought responses from the Centre and others on a plea of the E-gaming Federation against the levy of 28 per cent Goods and Services Tax (GST) on all forms of online real-money gaming. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra took note of the submissions of senior advocate Harish Salve, appearing for the federation, and Additional Solicitor General N Venkataramani before issuing notices on the plea. The Directorate General of Goods and Services Tax Intelligence has also been asked to respond to the plea within two weeks. The top court took note of the submissions of both the counsel that several high courts are seized of similar petitions and are passing orders. The petitioners also include Dream 11, Games 24x7, and Head Digital Works. The GST council had, in one of its meetings in July last year, recommended that online gaming along with casinos and horse racing be taxed at a uniform rate. The GST coun

GST officers detect over 29,000 bogus firms involved in fake ITC claims

The government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight months till December 2023 during a drive against fake registration, which helped save revenue of Rs 4,646 crore. In the October-December quarter, 4,153 bogus firms that involved suspected ITC evasion of around Rs 12,036 crore were detected. As many as 2,358 of these bogus firms were detected by the Central GST Authorities. Maharashtra topped the list with 926 bogus firms detected, followed by Rajasthan (507), Delhi (483) and Haryana (424). The detection during the December quarter protected revenue of Rs 1,317 crore of which Rs 319 crore has been realised and Rs 997 crore has been protected by blocking ITC. As many as 41 persons were arrested in these cases while 31 of these arrests were made by Central GST Authorities, the finance ministry said. "Since the initiation of the special drive against fake registrations in mid-May 2023, a

Distributors write to Hindustan Unilever, oppose margin structure

AICPDF asks HUL to restore old margin structure

Centre has done little to ease TN's financial burden: FM Thangam Thennarasu

The Central government has done precious little to ease Tamil Nadu's financial burden, the state Finance Minister Thangam Thennarasu claimed on Friday and accused it of following different yardsticks in devolving funds to states. For every single rupee given to the Centre, the state got back only 29 paise but the ratio was different in the BJP-ruled states, he said. "As I have already mentioned in the Assembly, for every rupee we give to the Centre, we get back just 29 paise. But in BJP-ruled states, this ratio is completely different," Thennarasu told reporters here in response to the Union Finance Minister Nirmala Sitharaman's assertion on Thursday that the Centre released more funds to Tamil Nadu without any discrimination. For instance, from the financial year 2014-15 to 2022-23, the Centre gave Rs 4.75 lakh crore to Tamil Nadu including the Central tax share of Rs 2.46 lakh crore and subsidy of Rs 2.28 lakh crore. At the same time, the direct tax collections accounted to Rs 6.2

Multiple margin levers ahead for food delivery platform Zomato's stock

It had begun levying a convenience fee of Rs 2 per order from August 2023, which was subsequently raised to Rs 3 per order

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

Punjab's GST revenue rises 16.52% to Rs 15,524 crore in April-December

Punjab saw a 16.52 per cent year-on-year growth in revenue from Goods and Services Tax (GST) and a 10.4 per cent increase in revenue from excise levy during the April-December period of the current fiscal year. Punjab's Finance Minister Harpal Singh Cheema on Wednesday said the net GST collection up to December in FY24 was Rs 15,523.74 crore against the mop-up of Rs 13,322.59 crore during the April-December period of the previous financial year. Thus, the net increase in GST collection amounts to Rs 2,201.15 crore, he added. The minister said that the revenue from excise levy up to December in FY23 was Rs 6,050.7 crore, whereas for the current fiscal year, it rose to Rs 6,679.84 crore. Giving details about state's tax revenue, Cheema, in an official statement, said that Punjab achieved a growth rate of 14.15 per cent in total revenue from VAT, CST, GST, PSDT and excise up to December during the current fiscal year as compared to the same period of FY23. He said that revenue from V

Union Budget 2024: A breakdown of how India earns and where it spends

The Union Budget draws its major share from borrowings and liabilities, constituting the largest chunk of 34 per cent

HUL receives Rs 447.5 cr GST demands and penalties, firm to make assessment

Leading FMCG maker Hindustan Unilever Ltd on Monday said it has received Goods and Services Tax demands and penalties totalling Rs 447.5 crore from the authorities. In a regulatory filing, HUL -- which owns brands such as Lux, Lifebuoy, Surf Excel, Rin, Pond's and Dove -- said these "orders are currently appealable" and it will make an assessment. The company received a total of five orders passed from different zones of GST officials over issues such as disallowance of GST credit, salaries including allowances paid to expats etc on Friday and Saturday last week. "The Orders were received by the company on 30th December, 2023 and 31st December, 2023, respectively and the intimation is being submitted today i.e. 1st January, 2024, being the first working day after receipt of the Orders," said HUL. This includes the demand for tax "on salaries including allowances paid to expats amounting to Rs 372.82 crore and penalty amounting to Rs 39.90 crore" from the Joint Commissioner, CGST an

LIC receives GST demand notice of Rs 116 crore for Telangana state

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

Asian Paints receives three GST demand notices worth Rs 2.07 crore

Asian Paints on Tuesday said it has received three orders for GST demand, totalling Rs 2.07 crore. The total amount includes interest and penalties. The three orders related to the availing of "alleged ineligible Input Tax Credit (ITC)," were received on December 30, the leading paints maker said in a regulatory filing. These include an order passed under the Central Goods and Services Tax Act and Andhra Pradesh Goods and Services Tax Act for FY18-FY20, raising a demand of Rs 1.01 crore, disallowing ITC pertaining to repair and maintenance, travelling, and promotional expenses, and a penalty of Rs 5.72 lakh. Asian Paints had on Monday said it received a demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. This was also regarding a mismatch on ITC for FY18. The company said it has "rightly availed the ITC" for all three cases and also fulfilled all conditions prescribed under the Acts. "Further, the company has a stron