Page 43 - Gst

GST mop-up rises 11% to Rs 1.65 trn in July on sustained economic momentum

Sustained economic momentum and strong anti-evasion measures have helped boost collection

Current law enough against GST evasion by offshore gaming platforms: FinMin

The finance ministry on Tuesday said there are sufficient enforcement provisions in GST laws to take action against offshore gaming platforms, which default in paying taxes. The GST Council on July 11 decided that online gaming is an actionable claim, like the lottery, on which a 28 per cent tax is to be levied. Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha that some representations have been received from stakeholders that the council's decision will prompt online gaming platforms to shift to offshore locations. "Sufficient enforcement provisions exist to take action against offshore platforms, which do not pay prescribed GST," Chaudhary said in a written reply. The GST Council's decision to levy a 28 per cent tax on the full face value of bets on online gaming companies is based on the recommendation of a Group of Ministers (GoM) on the issue. The council is scheduled to meet virtually on Wednesday to decide on the manner in which the supply value will be

GST Council meet on Wednesday to finalise modalities for taxing gaming

The GST Council in its meeting on Wednesday is likely to finalise the modalities for determination of supply value in online gaming and casinos for levying 28 per cent tax. The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state ministers, in its last meeting on July 11 approved levying 28 per cent tax on full face value of bets in online gaming, casinos and horse racing. Subsequently, the Law Committee, comprising Centre and state tax officers, have prepared draft rules for consideration of the GST Council with regard to computation of supply value for tax purposes. The committee has suggested insertion of a new rule under which value of supply of online gaming would be the total amount deposited with the online gaming platforms by way of money or virtual digital assets on behalf of the player. With respect to casinos, the committee has proposed that the supply value would be the amount paid by a player for purchase of tokens, chips, coins or ...

Gamers urge finance minister to reduce current 28% GST on online gaming

Online gamers' association on Tuesday requested finance minister Nirmala Sitharaman for a reduction of 28 per cent Goods and Services Tax (GST), saying high taxation would lead to mushrooming of illegal gaming firms. Gamers from Tier II and Tier III cities under the aegis of 'Indian Gamers United' in an open letter to finance minister Nirmala Sitharaman said that high taxation will push the gamers towards illegal and offshore platforms where no tax is payable but will put the gamers into a very high risk. The association also pitched for making a distinction between games of chance like gambling and games of skill like gaming. Gaming is a skill-based activity and cannot be clubbed together with games of luck like gambling and horse racing so taxation requires a relook and making it tax friendly, 'Indian Gamers United' said in a statement. Since several of these games come with the option to earn monetary rewards, this is giving rise to a segment where young people are using their .

Amazon meets Urban Company: EESL to set up energy-efficiency marketplace

This would be a first of its kind marketplace which Kapoor said would be completely IT integrated and allow mega scale projects to get fast track approval

Amit Mitra highlights countrywide GST frauds, urges FM to call Council meet

Alleging that GST frauds are proliferating across the country and MSMEs are facing problems due to a web of regulations, Dr Amit Mitra, principal chief advisor to West Bengal Chief Minister Mamata Banerjee, urged Union Finance Minister Nirmala Sitharaman to convene a GST Council meeting to discuss these issues. Mitra, a former state finance minister, referred to the central government's admission in the Lok Sabha that Rs 1.15 lakh crore of fraud have been detected from GST invoices between 2018-19 and 2022-23. "I write this letter with great anguish and deep concern. On one hand, GST frauds are proliferating across the country penetrating each and every state. On the other, the web of regulations is so overpowering for the MSMEs, that they are on the verge of deregistering back to their informal status," Mitra said. The humongous' fraud taking place in the country and the suffering of the MSME in the current GST system require a total rethink by the Centre and the GST Council on the

GST evasion of Rs 14,302 cr detected in April-May, 28 persons arrested

As many as 2,784 cases of GST evasion involving Rs 14,302 crore were detected in the first two months of the current fiscal, while Rs 5,716 crore was recovered during the period, Parliament was informed on Monday. Finance Minister Nirmala Sitharaman in a written reply in the Lok Sabha gave details of Goods and Services Tax (GST) and income tax evasion, as well as detection of outright smuggling by the Customs department. As per the data, GST evasion of over Rs 2.68 lakh crore was detected in 43,516 cases between 2020-21 and 2023-24 (April-May). A recovery of Rs 76,333 crore was made during the period while 1,020 persons were arrested. In the current fiscal (April-May), 2,784 cases of evasion of Rs 14,302 crore were detected. As many as 28 persons were arrested and Rs 5,716 crore recovered during the period. As per the statistics on surveys, searches and seizures carried out by the Income Tax Department in the last 5 years, searches were conducted on 3,946 groups while assets worth

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

Not akin to residential units, hostel accommodation to attract 12% GST: AAR

Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases. The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units and hence are not exempt from Goods and Services Tax (GST). In an advance Ruling sought by Srisai Luxurious Stay LLP, the AAR said GST exemption was applicable on the accommodation services, of charges up to Rs 1,000/- per day, provided by hotels, clubs, campsites etc. till July 17, 2022. "PG/Hostel Rent paid by inhabitants do not qualify for GST exemption as the services provided by applicant are not akin to renting of residential dwelling for use as residence," the Bengaluru bench said. GST on reverse charge will be applicable on the rental to be paid to the landowners by the applicant as the services of the applicant are leviable to GST and thus the applicant has to obtain GST ...

Top headlines: India ripe for semiconductor boom, banks' loans, and more

Business Standard brings you the top headlines at this hour

Rent on PG accommodation, hostel services to attract GST: Karnataka AAR

Rent for residential dwellings would qualify for GST exemption, says authority

GST officers arrest 3 for fraudulent ITC claims of Rs 557 cr, fake firms

GST officers have unearthed two fake billing rackets involving 246 shell/fake entities involved in fraudulently passing input tax credit (ITC) of Rs 557 crore and arrested three key operatives. Forensic examination of seized laptops and mobile phones of the two masterminds led to the retrieval of ledgers, invoices, e-way bills, etc. Apart from this, WhatsApp chats/ voice messages evidencing the transactions of fake GST bills and illegal cash flow have also been retrieved. An initial probe by GST officers has also indicated the involvement of bank officials in opening bank accounts in the name of fake firms, the finance ministry said. "The Meerut Zonal Unit of Directorate General of GST Intelligence (DGGI) unearthed two major fake billing rackets involving 246 shell/fake entities, which have passed on fraudulent ITC of Rs 557 crore," a finance ministry statement said. One of the rackets had close nexus with fake firms unearthed by Noida Police in June 2023, it added. The finance ..

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

Tax council to meet on Aug 2 to finalise online gaming tax: Report

Since the first announced its plan for the tax on Jul 11, the gaming industry and its investors have asked it to review the decision, which will increase the tax burden on both companies and consumers

Insurers gave fake invoices when quizzed on tax credit claims: Officials

GST E-way bill is a document used to trace goods in transit to verify the authenticity of input credit claims

Monsoon session: I-T raids up 8% in FY23, Rs 1.15 trillion GST fraud & more

GST authorities - both at Centre and states - have detected cases of fraudulent availment of Input Tax Credit on fake GST invoices involving amount of Rs 1.15 trillion

The math: Save on GST by not buying that popcorn and movie combo together

While the rate for food and beverages sold in theatres has been decreased to 5%, movie tickets are still charged to tax at 18%.

Tax officials unearth Rs 19,492 crore GST evasion via special drive

The department learnt to have detained 7-10 alleged beneficiaries of fake tax claims

28% GST to lead to write-off of $2.5 bn investment in e-gaming: Investors

The GST Council's decision to levy a 28 per cent tax on real money online gaming industry will lead to an impairment of USD 2.5 billion of investment made in the segment, a group of 30 Indian and foreign Investors said in a joint letter to Prime Minister Narendra Modi. In a letter dated July 21, leading Investors Including Peak XV Capital, Tiger Global, DST Global, Bennett, Coleman & Company Limited, Alpha Wave Global, Chrys Capital, Lumikai etc have sought the Prime Minister's intervention in the decision of GST Council which is expected to hit prospective investment to the tune of USD 4 billion in the next 3-4 years. "The current GST proposal will set up the most onerous tax regime for the gaming sector globally, which will lead to a potential write-off of the USD 2.5 billion capital invested in this sector," the letter said. Investors said the GST Council's decision has caused shock and dismay and will substantially and meaningfully erode investor confidence in the backing of ..