Page 41 - Gst

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

Delta Corp plunges 9% on Rs 6,384 crore notice for short payment of GST

Shares of Delta Corp plunged nearly 9 per cent on Monday after the company received a GST notice for short payment of tax to the tune of Rs 6,384 crore. The stock tanked 8.79 per cent to settle at Rs 127.70 apiece on the BSE. During the day, it fell 11 per cent to Rs 124.60 -- its 52-week low. On the NSE, it plummeted 8.17 per cent to end at Rs 128.55 per piece. On the volume front, 28.26 lakh shares of the company were traded on the BSE and over 2.93 crore shares were traded on the NSE during the day. In another blow to the company, Delta Corp has received a GST notice for short payment of tax to the tune of Rs 6,384 crore, taking the overall tax demand on the firm to over Rs 23,000 crore. The company said that the tax demands are arbitrary and contrary to law, and added it will challenge them. DGGI (Directorate General of GST Intelligence) Kolkata on October 13, 2023 has served an intimation notice on Deltatech Gaming, a subsidiary of Delta Corp, seeking GST of Rs 6,236.8 crore

Expanding OIDAR scope: Foreign firms asked to comply with GST norms

Intimation notices to 70 online gaming, edtech, ad companies

Tight spot: Ministry of Railways, DFCC on parallel tracks over GST

Ministry of railways, DFCC planning revenue model for latter as current apparatus has put an 18% GST on the corporation

Delta Corp receives additional notices of GST shortfalls of Rs 6,384 crore

Three weeks earlier, Delta corp had received a similar notice from govt to pay tax of $1.34 bn along with interest and penalty for period July 2017 to March 2022

16th Finance Commission's political challenge

There are fundamental issues to harmonious inter-governmental fiscal relations that the Centre must take into account when constituting the Commission

'Gangajal is exempted from GST' clarifies govt after Congress mounts attack

Earlier on Tuesday, Chhattisgarh Chief Minister and Congress leader Bhupesh Baghel said that the 18 per cent GST on Gangajal has exposed Nakli Ram Bhakt

Height of loot, hypocrisy: Congress slams centre over GST on Ganga water

The Congress on Thursday flayed the Modi government for reportedly imposing an 18 per cent GST on Ganga river water, terming it as the height of loot and hypocrisy. With Prime Minister Narendra Modi undertaking a day-long visit to Uttarakhand on Thursday, the Congress also asked when will he visit violence-hit Manipur. "Modi ji, the importance of Mother Ganga, the provider of salvation, is very high for a common Indian from birth till the end of their life. It is good that you are in Uttarakhand today, but your government has imposed 18% GST on the holy Ganga water itself," Congress president Mallikarjun Kharge said in a post in Hindi on X. "Not even once did you think what would be the burden on those who order Ganga water to be kept in their homes. This is the height of loot and hypocrisy of your government," he also said. The party also put out an animated video on the situation in Manipur on its social media handle, which showed scenes of bodies lying and the state burning due

LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate

State-owned firm says taxes officer's action will not affect its finances

Calcutta HC quashes penalty order on e-way bill that expired in 9 hours

Authorities could not prove that petitioner intended to evade tax, says court

Setting up national, regional GST tribunals has started: Centre tells SC

The Supreme Court took note of the Centre's submissions on Tuesday that the process of setting up the national and regional GST tribunals has started and disposed of a PIL on the issue. The top court had, on August 6, 2021, issued notices to the Centre and the Goods and Services Tax (GST) Council on the public interest litigation (PIL) matter filed by lawyer-activist Amit Sahni. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was told by Attorney General R Venkataramani that the Union finance ministry issued a notification on September 14 and the process of setting up the tribunals has commenced. The bench asked the attorney general whether the tribunals have become functional. The topmost law officer in the country said the process is on. The bench disposed of the PIL and assured senior advocate Mahabir Singh, who appeared in the court on behalf of the petitioner, that he may come back if the tribunals are not made functional.

Liquor industry welcomes decision to keep key alcohol ingredient out of GST

The ingredient, extra-neutral alcohol, accounts for 30-35% of the production cost for Indian-made foreign liquor

Commercial Taxes dept detects multiple QR code use by hotels to evade tax

The vigilance wing of the Commercial Taxes department unearthed some hoteliers who were using 30 QR codes to suppress actual turnovers and evade taxes. The search operation also led to the detection of Rs 1.47 crore cash from the residence of one of the proprietors. In a statement on Monday, the Commissioner of Commercial Taxes (Karnataka), C Shikha said the Vigilance wing conducted searches in Hoskote, Bengaluru Rural District and successfully unearthed the modus operandi used by some hoteliers wherein suppression of GST turnovers was detected. After conducting multiple surveys and reconnaissance, searches were made by a team of 50 officers at the business premises and residences of such hoteliers who were mainly engaged in supply of biriyani and other non-vegetarian items, she said. "The modus operandi is receiving payments by using numerous UPI accounts (in addition to cash) and constantly changing the UPI accounts, so that the actual turnovers are suppressed and taxes are evade

Reliance General Insurance gets Rs 922 crore GST notices from DGGI

Bankers suggest that the new tax demand could impact the company's valuation

Potential withdrawal of GST notices hangs on Gameskraft case outcome

About 70 to 80 online gaming firms, including notable ones like Dream 11 and Play Games 24x7

GST Council 'cedes right' to states on taxing neutral alcohols: FM

Strap: GST Council has slashed rates on molasses, millet mix, cleared air on corporate guarantee

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

Online gaming, casinos liable to 28% GST since beginning: Revenue Secy

As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. "Certain members had raised the issue of retrospective taxation. It was informed to them that this is not retrospective, and this was the law earlier. These liabilities already existed because money online games played with bets...They were already attracting (28 per cent GST) by way of betting or gambling," Malhotra told reporters. In the 52nd GST council meeting, Delhi and Goa raised the issue of tax demands on e-gaming companies and casinos. Delhi Finance Minister Atishi said tax notices for the past 6 years calculated at a much higher rate of 28 per cent are being sent to online gaming cos, even though on October 1, this 28 per cent GST was to be implemented. "An industry whose revenue is Rs 23,000 crore, you are slapping a tax notice

Will seek withdrawal of tax notices to online gaming companies: Atishi

Delhi Finance Minister Atishi on Saturday said tax evasion notices worth Rs 1.5-lakh crore to online gaming companies will finish them and vowed to seek their withdrawal at the GST Council meeting during the day. She said the sector employed over 50,000 youths and attracted Rs 17,000 crore foreign investments, therefore it is important to withdraw the notices to protect the industry. An "unstable, erratic tax environment" will deter foreign investors in the online gaming industry and impact the overall start-up ecosystem in the country, she said. GST Council decisions in the past including the 28 percent tax on online gaming industry adversely impacted the industry, she said. The GST Council, chaired by Union finance minister and comprising state ministers, will meet here on Saturday. 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.