Page 36 - Gst

West Bengal clears bill to impose 28% GST on online gaming, horse racing

The West Bengal assembly on Thursday passed a bill by virtue of which online gaming, horse racing and casinos will be taxed at the highest GST rate of 28 per cent on full face value of the bets involved. Minister of State for Finance Chandrima Bhattacharya said when the West Bengal Goods and Services Tax (Second Amendment) Bill, 2023, will become an Act, it will augment the revenue of the state. West Bengal is one of the states which has advocated taxation of such online gaming and similar activities at the highest rate, she said. Bhattacharya said activities like online gaming, casinos and horse racing are all games of chance and not those of skill, and in these cases, the right to participate and the right to win cannot be separated. The minister, who is a member of the GST Council, said West Bengal has been in favour of taxing such activities at the highest rates. She also alleged that there had been a delay in tabling this Bill in the assembly as the governor was seeking numer

CBIC issues 33,000 notices for GST return discrepancies in FY18, FY19

Central tax officers have sent around 33,000 GST notices to businesses for discrepancies in returns filed and short payment of taxes in 2017-18 and 2018-19 financial years, a CBIC official said on Wednesday. The National Co-ordination Committee of the State and Central GST officers, chaired by the Revenue Secretary, is likely to be held by the end of this month or early January, which among other things would also sensitise tax officers regarding issuance of notices, the official said. Speaking at the Assocham National Conference on GST, Central Board of Indirect Taxes and Customs (CBIC) Member-GST Shashank Priya said the notices sent for 2017-18 and 2018-19 were a "small percentage" of the total returns filed for the two fiscal years. He said the bunching up of demand notices was also on account of extension in the deadline given to taxpayers for filing annual returns for the two years. Goods and Services Tax (GST) was rolled out on July 1, 2017. The last date for filing annual ..

Govt likely to mandate e-invoice for B2C transactions in 2-3 years

The government is likely to make it mandatory for businesses to issue electronic or e-invoice for B2C transactions in the next 2-3 years, an official said on Wednesday. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoice for their Business to Business (B2B) sales and purchases. The government is planning to extend the e-invoice requirement to B2C transactions as well. Central Board of Indirect Taxes & Customs (CBIC) member-GST Shashank Priya said GST systems have to be upscaled and the work is on to bring B2C (business to consumer) transactions under e-invoicing. We are looking at requirement of e-invoice for B2C. GSTN capacities need to be upscaled. Systems will have to be put in place. We have to see which are the sectors we can start first. It is work in progress but we hope in years to come we will be able to take this forward, he said at an Assocham event. Priya further said businesses with turnover between Rs 5-10 crore are not ..

71 show cause notices issued to online gaming firms involving GST: FinMin

As many as 71 show cause notices have been issued to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24, the finance ministry said on Tuesday. The total Goods and Services Tax (GST) evasion detected by central GST officers in the current fiscal (till October, 2023) was Rs 1.51 lakh crore, while 154 persons have been arrested. A recovery of Rs 18,541 crore was made so far this fiscal. Giving details of detection of GST evasion, Minister of State for Finance Pankaj Chaudhary said in 2022-23 fiscal, evasion to the tune of over Rs 1.31 lakh crore was detected and 190 persons were arrested. A total of Rs 33,226 crore was recovered during the fiscal. In 2021-22, 2020-21 and 2019-20, GST evasion stood at Rs 73,238 crore, Rs 49,384 crore and Rs 40,853 crore, respectively. To a question in the Rajya Sabha on the amount of tax evasion and number of show cause notices issued to online gaming companies, Chaudhary said: "71 show

21,791 fake GST registrations, tax evasion of Rs 24,000 cr detected: FM

Finance Minister Nirmala Sitharaman on Tuesday said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of honest taxpayers and avoid extreme hardship to taxpayers, instructions have been issued from time to time, directing officers to exercise due caution and care in the exercise of powers such as summons, provisional attachment of property, blocking of tax credit etc. "A total of 21,791 entities (11,392 entities pertaining to state tax jurisdiction and 10,399 entities pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + Centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive," Sitharaman said. The minister was replying to a question on the number of entities identified as

HC gives interim relief to BMW over GST notice on salaries paid to expats

However, salaries directly paid by Indian companies to expat employees without reimbursement won't attract GST, as expats are then perceived as employees of the Indian company alone

Avg monthly GST mop-up at Rs 1.66 trn so far this fiscal: FM Sitharaman

The GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said the GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023. "GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f. 1st July, 2017... The average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year," Sitharaman said. The average monthly Goods and Services Tax (GST) collection in 2022-23 was over Rs 1.50 lakh crore, higher than Rs 1.23 lakh crore in 2021-22. In 2020-21, the average monthly mop-up was Rs 94,734 crore. In reply to

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

The 15 per cent Y-o-Y growth in November came despite weak external conditions

GST collections jump 15% to Rs 1.68 trillion in Nov: Finance Ministry

GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022. "The gross GST revenue collected in the month of November 2023 is Rs 1,67,929 crore, out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 1,036 crore collected on import of goods)," the ministry said in a statement. The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October -- the second-highest collection ever since the GST rollout. Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.

Odisha registers over 100% growth in GST collection at Rs 2,791 cr in Nov

Odisha registered a phenomenal growth rate of 100.77 per cent in State GST with a collection of Rs 2791.45 crore in November 2023 against a collection of Rs 1390.36 crore in the corresponding month last year, an official said. The progressive collection of State GST (OGST+IGST Settlement) up to the month of November'23 is Rs 14,913.16 crore against a collection of Rs 11,719.64 crore in November '22, registering a growth rate of 27.25 per cent, an official release said. The collection under all Acts monitored by the commissionerate of CT & GST, Odisha, including OGST/ IGST Settlement / VAT/ Entry Tax and Profession Tax during November 2023 is Rs 3,856.72 crore against a collection of Rs 2,308.92 crore during November 2022 with a growth rate of 67.04%, it said. The progressive collection under all Acts up to November 2023 is Rs 22,510.56 crore with a growth rate of 18.91% over corresponding collection till November 2022. With regard to Gross GST collection (CGST+IGST+SGST+Cess), ...

Major tax collections, barring personal income tax, decline in October

Centre's fiscal deficit till October at 45% of budget estimates, bit lower than last year's

Tyre manufacture Ceat gets Rs 1.98 crore GST notice, company to file appeal

Tyre maker CEAT Ltd on Thursday said it has received a demand notice of Rs 1.98 crore for GST, along with a penalty from the Additional Commissioner, CGST, and Central Excise. The demand pertains to the disallowance of transitional credit and Trans2 credit under the applicable provisions of the CGST Act, 2017, the company said in a regulatory filing. The Additional Commissioner, CGST & Central Excise, Vadodara-II, issued the order for a demand of Rs 1.80 crore, along with a penalty of Rs 18 lakh, it added. "The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority," CEAT Ltd said. On the impact on financial, operation or other activities of the company quantifiable in monetary terms to the extent possible, CEAT said, "(It is) not ascertainable at this stage.

Punjab govt gets Rs 3,670 cr of GST compensation after it lodged new claim

Punjab Finance Minister Harpal Singh Cheema on Tuesday informed the House that the state government has received Rs 3,670 crore of Goods and Services Tax (GST) compensation from the Centre after it lodged a new claim of Rs 5,005 crore with it. After tabling the Punjab Fiscal Responsibility and Budget Management (Amendment) Bill, 2023 in the House on the first day of the two-day winter session of the assembly, Cheema said the state government lodged the new claim of GST compensation worth Rs 5,005 crore with the Centre. "Out of which Rs 3,670 crore has come to the state exchequer," Cheema informed the House. The FM also said the previous Congress government did not present the proper record before the Centre, after which the Government of India told the state government that an excess amount of Rs 3,900 crore of the GST compensation had been disbursed to Punjab. "I am sharing for the first time that they (the Centre) sought return of excess disbursement. Then we checked our records.

AAR under GST plagued by conflicting rulings, quality of orders

It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities

HC questions order issued by GST authorities to cancel firm's registration

GST authorities had rejected application by a company for changing its main place of business

Banking liquidity deficit at 5-yr high, to narrow next week: Economists

The deficit was the highest since Dec 26, 2018, when it had hit Rs 1.86 trillion, according to economists

Faceless scrutiny assessment under GST may take some time: GSTN official

GST authorities may take some time to introduce faceless scrutiny assessment of tax returns filed under Goods and Services Tax (GST), a senior official said on Wednesday. The faceless assessment -- under which there is no physical interaction between the tax officer and the assessee and no physical submission of documents -- was first introduced by the Income Tax department and later extended to Customs. "We may take some time to introduce faceless assessment in GST. GST assessments are linked to a particular jurisdictional officer or unit. Changing that may take some time. Some changes would also be required at the policy level to make it effective," GST Network Vice President (Services) Jagmal Singh said at a Ficci event here. Introduced on July 1, 2017, indirect tax reform GST has subsumed 17 local levies, including excise duty, service tax, VAT and cesses.

Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted

GST officers have busted a syndicate of 48 fake firms which availed fraudulent input tax credit (ITC) of over Rs 199 crore and have arrested three people in this regard, the finance ministry said on Tuesday. The Central Goods and Services Tax (CGST) Delhi East Commissionerate commenced coordinated 'Operation Clean Sweep' against fake billers, based on gathered human intelligence, which was further developed through data mining and data analysis. A syndicate of 48 interconnected fake firms availing fraudulent ITC of over Rs 199 crore was busted in the operation, the ministry said. In the first wave of the operation, a total of 48 fake/bogus firms either non-existent or paper firms have been identified that were dealing in bogus invoices. Three persons were apprehended and arrested and subsequently sent to judicial custody remand for two weeks by the Chief Metropolitan Magistrate Court, Patiala House. Other members of the syndicate and the ring leaders have been identified and furt

Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr

The Centre may also tweak the rules of issuing summonses to the violators

CHATROOM: Merchanting trade transactions must be completed within 9 months

TNC Rajagopalan answers SME queries related to GST, export and import matters